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Last Updated : Jun 29, 2018 04:51 PM IST | Source: Moneycontrol.com

Families earning $117,000 enter the 'low income' zone in California's Bay area

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.

Close
It is most evident in the Bay area, values of houses have soared to around 64 percent in the last five years. The HUD revealed some days before that workers earning minimum wage cannot afford rent for a two-bedroom apartment anywhere in the US.
First Published on Jun 29, 2018 04:51 pm
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