Though New York has the reputation for being super expensive (and it is), there is a city across the country that has it beat hands down. In the Bay Area having a salary of $117,400 qualifies you as “low income” in some counties, according to a new report from the U.S. Department of Housing and Urban Development. WHAT?!
How is a $100,000 salary considered ‘low income’ in San Fran?
Of course, this isn’t surprising considering that income levels in the Bay Area are the highest in the U.S. and are just going up. And with the median home price in the Bay Area around $935,000, a record high, you better be making a lot more than $100,000.
The report also found that in San Francisco, Marin and San Mateo an income of $105,350 for a family of four is counted as “low income.”
Clearly, incomes of below $100,000 put you in Fantine from Les Miserables territory in where you have to resort to cutting your hair and pulling your teeth for extra money when you aren’t working as the COO of a tech startup. It found that $65,800 is considered “very low,” and $39,500 is “extremely low.”
Restaurants can’t afford to hire workers
The atrocious costs of living in San Francisco are impacting many different industries.
This week The New York Times reported that San Francisco restaurant owners are having trouble keeping up with rent payments so they cannot afford to hire a wait staff which means diners are now serving themselves more. The San Francisco-based restaurant Souvla has runners bring food to the tables but then you are on your own, according to The Times.