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Feb 25, 2019 · Here’s the breakdown across the Bay Area: San Francisco: Median household income $96,265, middle-class income range $64,177 to $192,530. Oakland: Median household income $63,251, middle-class ...
Feb 5, 2024 · San Francisco – city of dreams, tech giants, and…infamous housing costs. Navigating life here involves understanding the financial landscape, and that means knowing where you fall on the income spectrum. Buckle up, because we’re diving into the murky waters of San Francisco’s class breakdown. Lower Class: Making Ends Meet (Under $82,600)
Jul 23, 2024 · Although San Francisco’s is the only American metro region where CNBC found that a $250,000 salary would still count as middle class, $200,000 a year met that designation in three more metro ...
- Overview
- The unequal impact of inflation
Middle- and working-class families are enjoying the best standard of living in some of the most expensive U.S. cities, according to a new economic analysis.
That may seem far-fetched given that people earning less than $100,000 in San Francisco are considered low income, but the new analysis from the Ludwig Institute for Shared Economic Prosperity (LISEP) found that the high cost of living in these regions is offset by higher-than-typical wages.
In fact, the best performing region for middle- and working-class families is the Bay Area, despite the sky-high cost of living in San Jose and San Francisco, according to the analysis of 50 big U.S. cities.
Even so, about 6 in 10 Americans are failing to meet their basic needs, with their incomes falling short by almost $14,000 on average in 2022, LISEP noted. That underscores the struggles that many households are facing after two years of rising inflation, which has pushed up costs for everything from food to rent.
"For middle- and lower-income Americans, wherever it is in the United States, you aren't doing great," Gene Ludwig, the chairman of LISEP, told CBS MoneyWatch.
Examining the intersection of wages and the cost of living at a regional level is important because "we all live locally," Ludwig noted.
Ludwig, the former comptroller of the currency and the founder of Promontory Financial Group, created LISEP in 2019 to track economic measures of well-being for middle- and working-class Americans, such as wages and unemployment.
While the U.S. government tracks such data, Ludwig argues that the measures often don't accurately reflect the economic situation for millions of U.S. households — including the impact of inflation, which is a sore point for many Americans after two years of bruising price hikes.
Inflation has hit low- and middle-class Americans particularly hard, something the Consumer Price Index — the national measure of inflation — isn't capturing, Ludwig noted. That's because the CPI, a basket of goods and services, tracks some items that may not have much bearing on the lives of middle-class families, and thus doesn't accurately reflect their experiences, he added.
Housing as measured by the CPI has increased 54%, but Ludwig's group's analysis found that the typical rent for middle- and lower-income households has soared by almost three times that level, at 149%.
"In the last 20 years, inflation for middle- and lower-income Americans has been higher than it has been for upper-income Americans," Ludwig said. "Wage growth hasn't kept pace such that you are worse off than you were 20 years ago."
Sharing the wealth generated from a growing U.S. economy is essential to maintaining the middle class and creating a stable society, he added. That can help middle- and low-income Americans "share in the American dream," Ludwig said. "Unfortunately, it's going in the wrong direction."
- Lots of people moved out of San Francisco. The common pandemic-era refrain about San Francisco has been that it lost a significant portion of its population in 2020 and 2021.
- SF is an aging city. Another pre-release of ACS data showed that most of the people who moved out of SF were young adults. In fact, two-thirds of those who moved away in 2021 were between 20 and 34 years old.
- A ton of San Franciscans now work from home. Yes, the ACS data proved San Francisco was the capital of the country’s top work-from-home region in 2021.
- Use of public transit took a dive. The total number of people commuting to work decreased by nearly 100,000 people in San Francisco, and only 11% of San Franciscans used public transportation to commute to work in 2021, compared to 36% in 2019.
4 days ago · Since World War II, however, San Francisco has had to face the stark realities of urban life: congestion, air and water pollution, violence and vandalism, and the general decay of the inner city. San Francisco’s makeup has been changing as families, mainly white and middle-class, have moved to its suburbs, leaving the city to a population ...
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Jul 15, 2024 · In the San Jose-Sunnyvale-Santa Clara metro area in California, being middle class means a household must earn between $99,267 and $297,800. Meanwhile, in Pine Bluff, Arkansas, middle-class ...
