Despite the declines this year, San Francisco’s housing prices remain far out of reach to many people. Read more ⤵️
When most people think about housing costs, they think of rents and mortgages. But another way to calculate the cost of housing is in terms of wages: How much money do you need to make per hour to afford a place to live?
To calculate the housing wage of a given city, NLIHC determines the amount a full-time worker must make to afford a rental home at a price equivalent to 30% of their income, the affordability standard used by the U.S. Department of Housing and Urban Development. San Francisco’s housing wage actually decreased considerably compared to 2021, when it was $68.33, or nearly $7 higher than this year, according to last year’s Out of Reach report.
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