California News

Almost Half Of San Francisco Families Are Considered Financially Insecure

KQED-


Despite San Francisco’s higher-than-average median household income, nearly half of all families in the city have less than $2,000 in savings and are considered financially insecure, a report released by the nonprofit Urban Institute today found.

That makes those residents more vulnerable to eviction and missed payments in the face of an unexpected job loss or medical bill, the report concluded, which can ultimately come at a cost of tens of millions to the city.

“The financial health of cities depends on having financially secure residents,” says Signe-Mary McKernan, the director of the Opportunity and Ownership Initiative at the Urban Institute. “And when residents struggle to make ends meet, cities can too.”

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