According to the US Department of Housing and Urban Development, $117,000 in annual income for a family of four is considered “low income” in San Francisco. . .
In the Department’s most recent annual assessment of income limits for determining the need for assistance like public housing and Section 8 vouchers, the low income limit for three Bay Area counties is now at $117,400 for a four-person household.
Low income for a one-person household is at $82,200 in San Francisco, San Mateo and Marin Counties in California, with the median home price sitting at $935,000. . .
Cole says that he believes the continued rise in housing prices shows that lower-income people have already been priced out of the market. As experts blame the housing shortage on the area’s booming tech industries, there’s no sign of a slow-down in rates for rent or real estate purchases.
And current residents are resistant to any initiatives that could increase traffic congestion or take away from green space, but Cole says there will need to be some sort of compromise. He added: “You’re going to have to trade off higher-cost housing for it in this area. And you’re gonna have to put up with people sleeping on the sidewalk.” (Read more from “Households Earning $117,000 a Year Now Considered ‘Low Income’ in This City” HERE)