# Families Earning $117k Now Qualify As Low Income In Bay Area



## qchelle (Jun 27, 2018)

*Families earning $117,000 now qualify as "low income" in California's Bay Area*

*SAN FRANCISCO* *--* A report out this week from the Department of Housing and Urban Development finds the *median price for a single-family home in the Bay Area is now $935,000*. A family earning $117,000 now qualifies as "low income" in the region.

CBS News went to see California's red-hot housing market with realtor Larry Gallegos. He showed us a house you would think he couldn't give away. But Gallegos says *the home, complete with leaks in the roof, sold for $1.23 million. The buyer beat out six competing offers, all above the asking price.

*






Realtor Larry Gallegos says this rundown house sold for over $1 million.

 CBS NEWS
"It's a little mind blowing, but it is the norm around here," Gallegos said.

That norm is fueled by thousands of well-paid tech workers who have driven up the *median price of a San Francisco house to $1.6 million dollars, the highest in the country. *While housing prices are rising faster than incomes nationwide, nowhere is it more evident than in the Bay Area, where home values have soared a staggering 64 percent over the last five years.

That could explain how a 1,000-square-foot shell of a house in the heart of Silicon Valley sold for close to $1 million dollars. Also recently listed? A burned out home near Google and Apple.  





Home prices in San Francisco are up nearly 64 percent.

 CBS NEWS
Serious buyers also better bring cash. Just ask Sally Kuchar, who tracks real estate for the website Curbed San Francisco.

"We cannot afford to live here, nor could we afford to live pretty much anywhere in the Bay Area," she said.

The same goes for teachers, hospital workers, police officers and working people all over, who make up the lifeblood of any community.  

One flier could speak for the entire Bay Area housing market:  "Enter at your own risk."

© 2018 CBS Interactive Inc. All Rights Reserved.

https://www.cbsnews.com/news/famili...ualify-as-low-income-in-californias-bay-area/


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## RoundEyedGirl504 (Jun 27, 2018)

Yep!


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## 1QTPie (Jun 27, 2018)

This is crazy. That's why they gentrified Oakland. Time to move.


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## ScorpioBeauty09 (Jun 27, 2018)

I’m in Oakland and all I can say is... yep...


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## meka72 (Jun 27, 2018)

RoundEyedGirl504 said:


> Yep!


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## RoundEyedGirl504 (Jun 27, 2018)

meka72 said:


>



If it's any consolation this refers to a family of 4 LOL


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## oneastrocurlie (Jun 27, 2018)

Wow. I know quite a few people from college that moved out there. I low-key wonder how they are maintaining.


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## FemmeFatale (Jun 27, 2018)

That’s appalling.


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## BrownBetty (Jun 27, 2018)

I have a couple of friends out there .  How do you have a family income of $400k and  can't buy a house?  Insanity.


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## dyh080 (Jun 28, 2018)

RoundEyedGirl504 said:


> If it's any consolation this refers to a family of 4 LOL



Right, that's what I was thinking. Actually for a family of 4,  at that income level they are probably just making ends meet in most areas of the country.


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## qchelle (Jun 28, 2018)

RoundEyedGirl504 said:


> If it's any consolation this refers to a family of 4 LOL



I did not know this. This makes a bit more sense


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## Sarabellam (Jun 28, 2018)

Why does the US dollar look more like a peso in so many major cities? Who benefits from this? 

It’s one thing to pay a high price for small improvements in quality. But why do some people have to pay so much for the same or comparable products and housing?


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## ScorpioBeauty09 (Jun 28, 2018)

oneastrocurlie said:


> Wow. I know quite a few people from college that moved out there. I low-key wonder how they are maintaining.


That’s the thing. I grew up here, still live here and yet I’m always meeting people who’ve moved here. This is why prices aren’t going down. My friends are always talking about how the freeways are always backed up even when they shouldn’t be. Yes people are moving out but people are also moving in.

My sister recently told me she and her friends were listening to the radio and someone was talking about how great the Bay Area is to live and they were like “No! Stop that! We don’t need anymore good publicity. We’ve got too many people here as it is!”


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## SoopremeBeing (Jun 29, 2018)

What is going on in my home? I'm never gonna be able to move back if they keep this up.


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