If $117000 Is Low Income In San Francisco, What’s Next For America?
If $117000 Is Low Income In San Francisco, What’s Next For America? by: Daniel Jennings for Off the Grid News
Although it’s hard to even fathom, a family making $117000 is low income in the San Francisco Bay Area. To explain, a Bay Area household must earn over $117000 a year for the U.S. Department of Housing and Urban Development (HUD) to consider it “middle class.”
In addition, HUD labels $73,000 as “very low income” in three California counties. Those counties are Marin, San Francisco, and San Mateo, SF Gate reports.
On the other hand, the median household income in the United States in 2017 was $61,400 per year, the Census Bureau estimates. As a result, the average American middle-class family will be far under the low-income figure in San Francisco.
Furthermore, if $117000 annually is low income in San Francisco, then $61400 a year would be extreme poverty there. Consequently, the average American cannot afford to live in San Francisco.
$117000 Is Low Income: The Average American Cannot Afford To Live In San Francisco
In fact, the average home in “The City by the Bay” costs $1.382 million, as Zillow reports. Conversely, the median home price nationwide is $222,000.
Moreover, it now costs $3,261 per month to rent a one-bedroom apartment in San Francisco, RentCafe calculates. Additionally, a two-bedroom apartment costs $4,377 in San Francisco.
Under these circumstances, the average American family would wind up homeless in San Francisco. Likewise, CNBC claims that 7,500 people were living on San Francisco’s streets during 2017.
Tech Billionaire San Francisco Is A Train Wreck
Astonishingly, San Francisco’s cost of living disgusts even tech billionaires. Particularly, software billionaire Marc Benioff describes San Francisco as a train wreck.
“San Francisco is kind of a train wreck, we have a real inequality problem,” Benioff tells CNBC. “It’s because of the tech sector.”