Can you imagine Seniors having to spend 75% of their Social Security just to have a roof over their head? That’s what is happening in many cities across the US but one city in California seems to be especially hit hard by the sheer number of seniors in that situation.
San Francisco plans to build a towering number of new homes by 2031, though progress on that front is slow. Meanwhile, many of the city’s currently available homes—even its “affordable” ones—are out of reach for San Francisco’s vulnerable, low-income seniors.
The math is dire. Food, Housing, or Medicine. You get your choice of two of the three.
Most affordable units in San Francisco target their rents at between 30% and 50% of the Area Median Income (AMI), which means one-bedroom apartment rents for between $799 and $1,333 a month. But the latest report from San Francisco’s Department of Disability and Aging Services shows over 75% of senior renters say their actual income levels are below 20% of the AMI.
In other words, many seniors are spending 75% or more of their monthly fixed income on rent each month and struggling to pay for other necessities like food and bills.
CLICK HERE to read the entire San Francisco Standard article
