Latest news with #DepartmentofHousingandCommunityDevelopment
Yahoo
a day ago
- Business
- Yahoo
41% of California households ‘cost burdened' — some making six figures now even qualify for low-income housing
California is in the midst of a housing affordability crisis. And whether you are renting or buying, 'the salaries that people once strived for often are no longer enough,' reporter Steve Large with CBS News Sacramento said. Household income levels — based on the latest data from California's Department of Housing and Community Development — are used to determine eligibility for certain housing assistance programs. Thanks to Jeff Bezos, you can now become a landlord for as little as $100 — and no, you don't have to deal with tenants or fix freezers. Here's how I'm 49 years old and have nothing saved for retirement — what should I do? Don't panic. Here are 6 of the easiest ways you can catch up (and fast) Nervous about the stock market in 2025? Find out how you can access this $1B private real estate fund (with as little as $10) Some of those income levels at which people qualify for low-income housing assistance are 'mind-boggling,' Chelsea Carmack, who recently moved to California, told CBS News Sacramento. In the Bay Area, for instance, the low-income threshold for individuals is $111,700 in Santa Clara and $109,700 in San Francisco and San Mateo counties. 'I love the weather,' Carmack told Large, adding that when it comes to finding housing, 'it's been very challenging to adapt to the higher cost of living.' Now her California dream is simply 'to survive.' That applies to many Californians. The U.S. Department of Housing and Urban Development considers homeowners cost-burdened if they spend more than 30% of their monthly income on housing, including utilities. They're severely cost-burdened if that figure tops 50%. These households 'may have difficulty affording necessities such as food, clothing, transportation and medical care,' according to HUD. In California, where homes cost about twice as much as the typical U.S. home, 41.1% of households were cost-burdened in 2023 — the highest proportion in the country, according to California's Legislative Analyst's Office (LAO) housing affordability tracker. LAO also found that the annual household income needed to qualify for a mortgage on a mid-tier California home in March 2025 was about $234,000 — more than double the state's 2023 median household income of $96,500.' If you're looking for a starter home, you'll likely need to earn at least $142,000. And if you're eyeing a two-bedroom place, your monthly payments could be nearly double what you'd pay in rent. While the situation in California is severe, affordability is an issue across the country. In 2023, 41.8 million people — or 32.8% of all households — were cost-burdened. That includes just over half of renters (51.8%) and nearly a quarter of homeowners (23.3%). Read more: Want an extra $1,300,000 when you retire? Dave Ramsey says — and that 'anyone' can do it Lenders generally require that your payments for principal, interest, taxes and insurance don't exceed 25% to 28% of your gross monthly income. Combined with long-term debt, your total obligations usually shouldn't exceed 33% to 36%. These are useful limits, but it's a good idea to stay well below them if you can. Consider your lifestyle and other financial goals. For example, are you willing to skip dining out to afford a bigger home? Do you want enough room in your budget to max out your 401(k) and save for retirement? Start with your take-home pay. Build a budget that accounts for your lifestyle, fixed costs and priorities, then decide what you can comfortably afford in housing costs each month. Factor in not just your mortgage but utilities, insurance and maintenance. Make sure you have wiggle room in case rates or costs increase. Also consider upfront costs like legal fees, moving expenses and renovations. If you're a first-time buyer, you may also need new furniture and household basics. Saving for a larger down payment can help reduce your monthly costs. Paying down other debts could free up more income and improve your credit score, which may lower your mortgage rate. And don't forget an emergency fund — aim to cover three to six months of expenses. That way, if you lose your job or face a financial setback, you can stay afloat without piling on more debt. If you're already house-poor, start by creating a budget and cutting unnecessary spending. You might need to boost your income with a new job, side gig or second job. To ease housing costs, consider getting a roommate or renter. Downsizing, refinancing or relocating could also make a big difference. A move to another state might be worth considering if your job and lifestyle allow it. Some states have high rates of cost-burdened homeowners — like California (31.9%) and New York (28.2%) — while others, such as North Dakota (15.6%) and West Virginia (14.6%) have much lower rates. That said, avoid frequent moves, which come with added costs. And try to resist lifestyle creep — upgrading your home every time your income rises can trap you in a cycle of spending. You need a place to live — but you also need to live. Make sure your housing costs align with your overall financial plan so you can still meet your other life goals. Rich, young Americans are ditching the stormy stock market — here are the alternative assets they're banking on instead How much cash do you plan to keep on hand after you retire? Here are 3 of the biggest reasons you'll need a substantial stash of savings in retirement Robert Kiyosaki warns of a 'Greater Depression' coming to the US — with millions of Americans going poor. But he says these 2 'easy-money' assets will bring in 'great wealth'. How to get in now Here are 5 'must have' items that Americans (almost) always overpay for — and very quickly regret. How many are hurting you? Like what you read? Join 200,000+ readers and get the best of Moneywise straight to your inbox every week. This article provides information only and should not be construed as advice. It is provided without warranty of any kind. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
14-05-2025
- Business
- Yahoo
San Diegans earning less than $100k considered ‘low-income,' state report says
SAN DIEGO (FOX 5/KUSI) — The threshold for a single-person household that qualifies as 'low income' could surpass six figures in some parts of California, including San Diego County. According to data from the California's Department of Housing and Community Development, San Diego is among a handful of places in the state where individuals earning less than $100,000 are considered low-income. The department updates its data annually depending on revisions made to the Public Housing and Section 8 income limits set by the U.S. Department of Housing and Urban Development (HUD). California also defines incomes in reference to the median family income in the geographical areas. In San Diego County, the median income for a single-person household is $91,550. For a family of four, the median is $130,800, data shows. Meanwhile, a single-person income of $92,700 or $132,400 for a household of four both fall under the category of 'low-income' for the region. It may come as no surprise to those who have lived in the area for decades. A recent report by the United Ways of California showed nearly a third of all households in the county are struggling to meet basic living expenses due to the rising cost of living. Two other counties, Orange and Santa Barbara, are also just under the lofty $100,000 low-income threshold for a single-person household — at $94,750 and $98,850, respectively. Counties in the Bay Area have already surpassed the six-figure 'low-income' designation, including Marin, Santa Clara, Santa Cruz and San Francisco counties. All of the data and income limits for each California county can be viewed in the Department of Housing and Community Development's report here. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Yahoo
08-04-2025
- Business
- Yahoo
Shentel Expands High-Speed, Reliable Broadband Service in Bedford County
Laying Fiber EDINBURG, Va., April 08, 2025 (GLOBE NEWSWIRE) -- Shenandoah Telecommunications Company ('Shentel') (Nasdaq: SHEN), a leading provider of broadband services, recently extended high-speed, gigabit internet service to approximately 2,500 additional homes in Bedford County and plans to add over 1,500 more by the end of the year. This $24 million construction project is partly funded by the Commonwealth of Virginia's nationally recognized Virginia Telecommunication Initiative (VATI) run by the Department of Housing and Community Development (DHCD). The rest of the funding comes from Shentel's own capital investment and a contribution from Bedford County. The goal of the VATI initiative is to create strong, competitive communities by expanding broadband infrastructure into rural areas that lack access to high-speed internet. 'Since the inception of our broadband partnership with Shentel, their company representatives have been true professionals – responsive, accessible, and diligent – which Bedford County staff and leadership greatly appreciate,' stated Tommy Scott, Bedford County Board Chairman. 'More importantly, over the last year the volume and quality of Shentel and their contractors' field work has been excellent. Indeed, they have made tremendous progress in receiving the required permits, burying, and installing aerial fiber optic cable and offering their service to Bedford County residents.' 'Shentel has been in Bedford County for many years and it's encouraging to see them continually expanding their services to citizens and businesses currently without adequate broadband,' said Robert Hiss, Bedford County Administrator. 'Bedford County has enjoyed working with Shentel's capable and professional staff. Over the past year, we've witnessed Shentel make steady progress on their contracted broadband work and anticipate them completing their project in the fall of 2025.' As a leading broadband internet provider serving smaller markets and rural communities, Shentel takes great pride in several key differentiators: Fast internet with exceptional reliability Easy, straight-forward pricing with no long-term contracts Prompt and friendly local customer service A full range of video and voice service options 'We are thrilled at the opportunity to expand our high-speed internet network in Bedford County. We are grateful for the leadership of Bedford County and the Department of Housing and Community Development and know that this partnership is positively impacting residents,' said Chris Kyle, Vice President of Government Affairs. To learn more about Shentel, please visit for residential service and for commercial service. About Shenandoah TelecommunicationsShenandoah Telecommunications Company (Shentel) provides broadband services through its high-speed, state-of-the-art fiber optic and cable networks to residential and commercial customers in eight contiguous states in the eastern United States. Shentel's services include: broadband internet, video, voice, high-speed Ethernet, dark fiber leasing, and managed network services. The Company owns an extensive regional network with over 16,800 route miles of fiber. For more information, please visit Media Contact:Jennifer A photo accompanying this announcement is available at in to access your portfolio
CBS News
21-02-2025
- Business
- CBS News
California's lawsuit against Norwalk over homeless shelter ban can move forward, judge rules
A judge has denied Norwalk's request to dismiss a lawsuit the state of California filed against the city over its proposed ban on emergency homeless shelters. However, Los Angeles Superior Court Judge James Chalfant also dismissed the Norwalk City Council as a defendant in the lawsuit, which state officials filed last year while accusing the city of violating several California laws including the Housing Crisis Act. Gov. Gavin Newsom and Attorney General Rob Bonta have both slammed the city of Norwalk's decision to move forward with a moratorium on emergency shelters, supportive housing developments and certain businesses such as payday loan providers. A city report detailing the proposed ban said such establishments "may have detrimental effects" on the local community. During a city council meeting in September, several people spoke both in opposition and support of the ban, from a man who said a shelter near his restaurant drew "a disaster scene" of people loitering to a woman who urged council members to repeal the measure as she said many are just "one paycheck away from sleeping in their cars." While the state's lawsuit can move forward, Judge Chalfant also said in a tentative decision this week, which was later finalized, that state officials have not alleged "imminent and significant hardship" stemming from the ban. "Petitioners charged into court and insisted on invalidation of the moratorium without alleging any facts of imminent and significant hardship," Chalfant wrote, giving the city of Norwalk 30 days to file an answer to the petition. The judge also wrote that state officials are "correct" in contending "that there is a significant public interest" in ensuring the city ordinance doesn't violate state law. City officials have defended the proposed ban in court filings by saying it is not being enforced since there is currently a stay on it. Along with emergency shelters and some affordable house developments, the ordinance would also ban certain businesses such as convenience stores, payday loan providers, laundromats and car washes. During a Sept. 17 meeting, the Norwalk City Council voted to move forward with extending the proposed ban following a presentation by Norwalk City Manager Jesus Gomez. The council had first approved the moratorium weeks earlier in August. Gomez had presented a staff report that said emergency shelters and the other establishments "may have detrimental effects" on the local community. Just a day before the meeting, Newsom had threatened legal action against the city of Norwalk while California's Department of Housing and Community Development issued a notice of violation to the city earlier that same week. The notice of violation had directed Norwalk Mayor Margarita Rios and other local leaders to repeal the ban by Sept. 23, saying it violated several state laws, including the Housing Crisis Act and Anti-Discrimination in Land Use Law. The repeal was never made. In early October, Newsom's office released a statement saying Norwalk is no longer eligible for "key state housing and homelessness funds." A month later, the state filed a lawsuit against the city. On Wednesday, Newsom released a statement reacting to the court's decision to allow the litigation to move forward. "No community should turn its back on its residents in need. We will continue to hold Norwalk accountable for its failure to reverse this cruel and unlawful ban," Newsom said in the statement. Meanwhile, the city of Norwalk released a statement saying Judge Chalfant's statement highlighted "the absence of any imminent or significant hardship," and in doing so, had "echoed the City of Norwalk's consistent position." "This is not an act of defiance but rather an effort to pause, listen, and find common ground with the State," the statement said, adding that the city would work with state housing officials. "The irony, of course, lies in the fact that the State is pushing for action against a moratorium that is already on hold, protesting enforcement where none exists," the statement continues, again defending the proposed ban by saying it's not currently in effect.
Yahoo
20-02-2025
- Politics
- Yahoo
California's suit against SoCal city's ban on homeless shelters moving forward
A court has denied the city of Norwalk's request to dismiss the state's lawsuit against the city for its ban on shelters for homeless residents, officials announced Wednesday. The state filed the lawsuit last year, arguing that the city's moratorium on homeless shelters and supportive housing violates several state laws. The lawsuit comes after Norwalk lost its eligibility to receive state housing and homelessness funds in October after the state Department of Housing and Community Development revoked its compliance with the housing element law. 'Rampant' tow truck scam targeting Southern California drivers, officials say In August, the Norwalk City Council adopted an ordinance putting a moratorium on various establishments, including emergency shelters, along with transitional and supportive housing. In September, the City Council voted to extend the moratorium without discussion. Before City Council members voted on the extension, HCD sent city officials a 'Notice of Violation and Corrective Action Letter' regarding the ordinance. In response to the court's ruling today, Newsom, who signed an executive order in July last year allowing state and local officials to dismantle homeless encampments, released the following statement: 'No community should turn its back on its residents in need. We will continue to hold Norwalk accountable for its failure to reverse this cruel and unlawful ban.' State Attorney Rob Bonta said one of Californians top concerns is affordability issues and Norwalk's ban threatens families and individuals struggling to keep a roof over their heads. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
