In the California Bay area $117,000 now qualifies as ‘low income’
The Department of Housing and Urban Development issued a report this week describing a family income of $117,000 as ‘low income’ in San Francisco’s Bay area. The classification earns its justification off of rising property prices, where even crumby and tiny burned out homes are selling for near or in excess of $1 million, due to the high demand and limited supply of properties. If tech companies like Facebook and Google are compensating their employees well, and they want to find properties in the area, they had better be prepared to shell out some big bucks for it.
