In San Francisco, a $104,400 Salary Can Still Mean ‘Low-Income’
Thanks to the San Francisco Examiner for letting us know about how earning six figures can still mean you’re “low income.”
Picture this, you’re earning a decent salary of $104,400 annually. You’d think that’s quite a comfortable income, right? Well, not in SF. According to the California Department of Housing and Community Development, you still fall into the “low income” category and could then be eligible for certain state and local affordable housing programs.
But this isn’t new. For the first time since 2016, this upper limit of the “low income” bracket hasn’t risen. But compared to less than ten years ago, you’re going to need to earn tens of thousands of dollars more to qualify. Since 2016, this cap has soared by $35,450 in this city of golden opportunities and sky-high prices.
It’s not just San Franciscans feeling the squeeze. According to the National Low Income Housing Coalition’s recent “Out of Reach” report, earning $51.25 an hour is what it takes to rent a one-bedroom apartment at fair market rate in Marin, San Francisco or San Mateo counties.
Got your eyes on a two-bedroom? That’s going to cost you an hourly wage of $61.31. Meanwhile, individuals in Santa Clara County need to make between $48.33 and $56.56 per hour.
For minimum-wage workers in The City, affording market-rate rent would mean juggling three jobs, while their counterparts in Marin County would need four. It’s a harsh reality, and evidence of the cost of living being a major driver of homelessness in San Francisco and beyond.
Read the full story at San Francisco Examiner