There’s No Place Like [An Unaffordable] Home For The Holidays
Well, this hardly comes as a shock:
Five of the 10 most expensive counties for renters in the country are in the Bay Area, according to a new study by a low-income-housing advocacy group.
San Francisco, San Mateo and Marin counties tied as the least affordable places for households earning the median income for apartment dwellers. Alameda and Contra Costa counties were the seventh-least affordable of the 3,000 U.S. counties in the report. . . .
In San Francisco, for example, the authors found a family of four would need to make $61,440 per year — or a total of $29.54 per hour — to rent a $1,536 apartment. The median income for renter households in the city is $53,239 — compared with $60,031 for all households. The study assumes that no more than 30 percent of a household’s income should be spent on housing costs.
“The implications are that over a half a million renters in the San Francisco Bay Area are stretched beyond their means, only one paycheck away from possible eviction,” Dianne Spaulding, executive director of the Non-Profit Housing Association of Northern California, said in a statement.
Like I didn’t already know I can’t afford this place.