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Offbeat In the Bay Area, $117,000 a year is now considered low income

20:26  27 june  2018
20:26  27 june  2018 Source:   fortune.com

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Bay Area families earning $ 117 ,400 a year are considered low income based on the latest data from the US Housing and Urban Development Every year , HUD sets income limits that determine who can qualify for housing assistance, including Section 8 vouchers, public housing and other assistance

A family earning $ 117 , 000 now qualifies as " low income " in the region. While housing prices are rising faster than incomes nationwide, nowhere is it more evident than in the Bay Area , where home values have soared a staggering 64 percent over the last five years .

In California’s notoriously pricey San Francisco Bay Area, households earning around $117,000 a year are now considered “low income,” according to a new definition of income limits released by the U.S. Department of Housing and Urban Development.

For a household of four people living in the counties of San Francisco, San Mateo, or Marin, the department’s recently released definition of low income limits is now set at $117,400—the highest in the nation. The median family income in the area is $118,400.

The HUD also now considers households of four earning $44,000 to be “extremely low income,” while households of four earning $73,300 are considered “very low income.” A one-person household is now considered to be low income if it earns $82,200.

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In California’s notoriously pricey San Francisco Bay Area , households earning around $ 117 , 000 a year are now considered “ low income ,” according to a new definition of income limits released by the U.S. Department of A one-person household is now considered to be low income if it earns ,200.

Bay Area , households earning around $ 117 , 000 a year are now considered “ low income ,” according to a new definition of income limits released by the The median family income in the area is 8,400. The HUD also now considers households of four earning , 000 to be “extremely low

Compared to the department’s 2017 income limits report, the 2018 low income limit is a more than $10,000 increase.

The department’s income limits are used as a threshold for determining which households may qualify for affordable and/or subsidized housing through programs such as Section 8.

Between 2010 and 2016—the same time period during which the city began to experience another tech boom as startup after startup found itself valued in the billions—housing prices in San Francisco skyrocketed, climbing by more than 70%.

'I can't even afford a cup of coffee': Tech boom pricing out S.F. residents .
As new companies bring big salaries to the Bay Area, old residents are finding they can't afford to live there anymore"I've been in San Francisco since the 70s," Meghan Sweet told CBS News. "And it was a wonderful place to be in my 20s and 30s and 40s, but now that I'm in my 60s, I mean, I can't even afford a cup of coffee anymore.

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