San Francisco has become so expensive that families bringing in six-figure salaries are still able to qualify for cost-of-living help from the government.
San Francisco Mayor Daniel Lurie has launched the Family Opportunity Agenda, which now offers free childcare to families of four earning up to a whopping $235,000 a year. The city will also pay half the cost of childcare for families making up to $325,000 a year.
‘Yes, it is an incredibly, extraordinarily expensive city to live in and to work in and to thrive. That’s why 50 percent off at $325,000 is so essential,’ Mayor Lurie told the New York Times.
Mayor Lurie has suggested that childcare reforms could be a way to offset the spiking costs of living, housing and overall consumer costs for residents.
According to the US Bureau of Labor Statistics, the average annual salary in the US is $63,795. This amount is significantly lower than the $164,296 that the average San Francisco resident earns annually.
John Marman and Natsumi Makiyama, two San Francisco residents who work in the health industry, have raised their two children while making over $230,000 yearly.
Marman, 36, works as a therapist for the city and makes $135,000 a year. Makiyama, 39, works part time as a pediatric nurse and a stay-at-home mom.
With their combined income, they are qualified for free preschool for their four-year-old daughter, according to the NYT.
Natsumi Makiyama, a San Francisco resident, works part time as a pediatric nurse and a stay-at-home mom with her family making over $230,000 yearly
John Marman, Makiyama’s partner, works as a therapist for the city and has makes $135,000 a year while raising their two children
According to Mayor Daniel Lurie’s Family Opportunity Agenda, the city will pay half the cost of childcare for families making $325,000 a year
Economic experts’ data has shown that an affordability crisis has widely spread throughout San Francisco despite residents’ high incomes as housing costs continue to spike.
‘The California Association of Realtors reports that only 13% of San Francisco households can afford to purchase the median priced home, far below the 57% affordability average for the U.S. as a whole.’
Previous reports have found the average sale price of a home in the city is $1.1million.
Last year, San Francisco’s median rent was only two-thirds higher than Los Angeles and today it costs nearly twice as much to rent the average one-bedroom.
San Francisco rents have jumped another 2.9 percent in August alone, pushing the median one-bedroom to $4,300.
According to Reuters, housing costs can have a broad influence on US families which can shape how they grow, build wealth and plan for the future.
‘Today, most San Franciscans feel our city is finally moving in the right direction, but many are also asking whether they can still afford to live here,’ Mayor Lurie said in a press release.
‘Today, we are taking action to tackle San Francisco’s rent emergency head-on and help San Franciscans stay in their homes,’
According to the US Bureau of Labor Statistics, the annual salary in the US is only $63,795. This amount is significantly lower than the staggering $164,296 that the average San Francisco resident earns annually
San Francisco has become so expensive that families bringing in six-figure salaries are still able to qualify for cost-of-living help from government childcare funding
Economic experts’ data has shown that an affordability crisis has caused ‘only 13% of San Francisco households’ to afford purchase a median priced home
Marman told the outlet, if their family did not receive the childcare help from the government they would have been forced to leave the city.
‘We love this city. We believe in this city. This is home,’ Marman told the outlet.
They explained although they earn high salaries, they still depend heavily on the accessible childcare program.
‘At the end of most months, we’re struggling to find extra cash to enjoy a day out with the kids. We’re very lucky to receive the benefit for school, but life is just still very tough,’ Marman told the outlet.