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In San Francisco, Families Making $117,000 Qualify For Low-Income Housing
Zero Hedge June 30, 2018
Home prices in San Francisco have risen so rapidly that applicants for affordable hoping qualify for affordable housing in the city must earn less than 117,400 a year qualify for low-income housing in San Francisco and a few neighboring counties, according to a new report from the Department of Housing and Urban Development:
To qualify for low-income housing in San Francisco County or the nearby San Mateo and Marin counties, a four-person household can make as much as $117,400 a year. The same goes for a one-person household raking in $82,200 a year.
Housing costs in San Francisco have been increasing at a ludicrous rate. In four other Bay Area counties - Alameda, Contra Costa, Marin, and San Mateo - prices increased by 10% year-over-year as of April. However, others argue that the increase in home prices has been even more extreme For example, Paragon Real Estate Group reported in April that prices in San Francisco had skyrocketed by an astounding 24% YOY, more than double the Case-Shiller estimate. This staggering jump has left the median home price in the city at an astonishing $1.6 million.( Collapse )