Buying a home in San Francisco is becoming a dream that only the rich can afford.
A new report from the U.S. Department of Housing and Urban Development says the Bay Area is so expensive, a family of four earning at least $117,400 is considered 'low-income' in some counties.
According to the report, the minimum income level required to qualify residents for some affordable housing programs in the city has gone up over the past few years. If your family of four earns under $73,300 in the Bay Area, the U.S. Department of Housing and Urban Development considers you 'Very low-income.'
The 'Income Limits' report has skyrocketed in past years as the cost of housing in places like San Francisco, San Mateo and Marin counties continue to climb. Income limits in some cities increased by an incredible 10 percent in just the last year.
And as California's economy continues to show no sign of slowing down, home prices will no doubt keep rising, making it difficult for many in the area to live with the increasing costs, something that is leading to the exodus of many residents. According to U-Haul, the demand for moving equipment has been so g great, many locations in the Bay Area are actually running out of trucks to rent to people.
The median home price in San Francisco was $1.61 million, nearly double the average from only five years ago.
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