SAN FRANCISCO (KRON) – It’s no secret that the Bay Area is an expensive place to live.
But now it’s become so expensive that a six-figure salary is considered “low income,” according to a report by the U.S. Department of Housing and Urban Development.
The annual report says a family of four in San Francisco, San Mateo and Marin counties that earn less than $117,400 are “low income.”
This means they qualify to live in low-income housing projects.
$73,000 is considered “very low income” in those counties.
To most Bay Area residents, these numbers aren’t shocking considering the the high cost of living.
In March, the median home price in the Bay Area hit a record high at $820,000, according to CoreLogic.
In San Francisco County, the median home price hit $1,087,599, making it the most expensive housing market in California.
To make you feel even more poor, a Palo Alto estate hit the market Tuesday for $96.8 million.