In San Francisco, San Mateo and Marin counties, the median family income is $118,400. For a one-person household, $82,200 is the threshold to be considered low income.
The Department of Housing and Urban Development (HUD) sent out a
report claiming that it finds the median price for a single family home to be
$935,000. That makes a family earning $117,000 categorised as “low
income” earning in the region, as reported by CBS News.In most cases the houses costing upwards of $1 million are houses
which ideally wouldn’t sell at all. California based realtor, Larry Gallegos,
showed a house complete with leaks in the roof, managed to sell for a
whopping $1.23 million. According to Gallegos, the buyer beat six other
competing offers to be able to secure this house. Apparently they were all
above the asking price. "It's a little mind-blowing, but it is the norm around here," Gallegos said.
In San Francisco, San Mateo and Marin counties, the median family income is $118,400. For a one-person household, $82,200 is the threshold to be considered low income, reported by The Hill. This hike in price is caused because of thousands of well-paid tech workers; this has risen the median price of a San Francisco house to $1.6 million, supposedly the highest housing pricing in the country. Housing prices are seen to be rising faster than incomes.