Record-high rents and home prices are driving up the cost of living in California and causing income limits to increase.
A family of four with an annual income of $84,450 or less now qualifies as low income in Orange County. Orange County is the fifth-highest income threshold in the nation, per new income limits released last month by the U.S. Department of Housing and Urban Development.
Orange County apartment rents increased 20 percent over the past seven years, while the median sale price of an Orange County house has jumped 40 percent. The cost of living is skyrocketing as a result and housing costs are partially to blame.
Even a six-figure salary doesn’t cut the mustard in San Francisco, Marin and San Mateo counties. A family of four there earning $105,350 or less now is considered low income, HUD figures show.
The trouble with these HUD calculations is that they don’t fully account for taxes or standards of living, so if you’d like to see the income you’d actually need to earn in each of these cities download the City Vs City app today!
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