A government agency in California is classifying a $100,000 salary as a “low income” in San Francisco.
According to a June 6 memorandum prepared by the California Department of Housing and Community Development, a single person making $104,400 is classified as “low income” in San Francisco County, as defined by Public Housing and Section 8 Income Limits.
The government agency classifies a $65,250 salary for a single person as a “very low income” in San Francisco County, with the “moderate income” being $147,000.
By comparison, in Los Angeles County, a “low income” is $70,650, with the “moderate income” being $82,500 for a single person.
AT&T, WESTFIELD MALL, NORDSTROM LEAD SAN FRANCISCO DOWNTOWN EXODUS
The income levels apply to certain state programs and are used to determine eligibility based on location, according to the document.
According to Rent.com, the average rent for a one-bedroom apartment is $3,649, with a two-bedroom apartment being $4,871.
In Los Angeles, according to the data, a one-bedroom apartment averages for $2,881 while a two-bedroom is $3,900.
Amid the high cost of living, major businesses are fleeing San Francisco.
SAN FRANCISCO LOSES ANOTHER LARGE DOWNTOWN BUSINESS AS CITY’S TROUBLES MOUNT
Recently, the company operating Westfield San Francisco Centre announced it would “begin the process to transfer management of the shopping center to our lender to allow them to appoint a receiver to operate the property going forward,” stating that the decision came because of “challenging operating conditions” in the area.
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AT&T recently announced the closure of its flagship which is located at 1 Powell Street, with a spokesperson telling FOX Business earlier in June that consumer shopping habits were changing, which warranted “serving customers where they are through the right mix of retail stores, digital channels and our phone-based care team.”
FOX Business’ Aislinn Murphy contributed to this report.