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A Six Figure Salary is Now Considered Low-Income in California's San Francisco Bay Area

San Francisco housing

A household that earns a six-figure salary is generally classified as high-income in most areas across the United States. However, a recent report by the U.S. Department of Housing and Urban Development says that in the Bay Area, those who earn less than $117,400 annually are defined as low-income.
In connection with the continuous rising of housing costs in California's Bay Area, the HUD reformed the income threshold. Now, a family of four living in San Francisco, Marin, and San Mateo counties with an annual income of $117,400 is defined as low-income and therefore becomes eligible for certain affordable housing programs.

The figures represent a 10% increase from the previous year and the highest in the whole country.

The report also states that families of four in those counties are considered "very low" income if they earn $73,300 a year while those who earn $44,000 a year are classified as "extremely low" income. Meanwhile, the average family income in the area is $118,400.

Although the higher income limits mean that more people are eligible to federal housing assistance, it doesn't change the fact that there is a persisting shortage of affordable housing in the area. According to reports, the average housing price in some parts of the Bay Area jumped to 25% in the past year.

"It just demonstrates how broken and unsustainable our housing market is," Amie Fishman, executive director of the Non-profit Housing Association of Northern California, told Mercury News. "More and more people are unable to afford housing."

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