Wednesday, December 18, 2019
If you make $100K in San Francisco you are considered low income
If you make $100K in San Francisco you are considered low incomeIf you make $100K in San Francisco you are considered low incomeThough New York has the reputation for being super expensive (and it is), there is a city across the country that has it beat hands down. In the Bay Area having a salary of $117,400 qualifies you as low income in some counties, according to a new report from the U.S. Department of Housing and Urban Development. WHAT?How is a $100,000 salary considered low income in San Fran?Of course, this isnt surprising consideringthat income levels in the Bay Area are the highest in the U.S. and are just going up. And withthe median home price in theBay Area around $935,000, a record high, you better be making a lot mora than $100,000.The report also found that in San Francisco, Marin and San Mateo an income of $105,350 for a family of four is counted as low income.Clearly, incomes of below $100,000 put you in Fantine fromLes Miserablesterritory in where you have to resor t to cutting your hair and pulling your teeth for extra money when you arent working as the COO of a tech startup. It found that $65,800 is considered very low, and $39,500 is extremely low.Restaurants cant afford to hire workersThe atrocious costs of living in San Francisco are impacting many different industries.This week The New York Times reported that San Francisco restaurant owners are having trouble keeping up with rent payments so they cannot afford to hire a wait staff which means diners are now serving themselves more. The San Francisco-based restaurant Souvla has runners bring food to the tables but then you are on your own, according to The Times.San Francisco has been ranked high on several lists when it comes to most expensive and affordability. This is definitely contributing to a recent flux of people looking to leave the city.
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