You are watching: Cost of living in silicon valley 2016
The 2019 index, a “comprehensive report based upon indicators that measure the toughness of our economy and also the health of our community,” defines the Valley together materially succeselafilador.netul yet fundamentally anxious, as new wealth puts added stress ~ above those most vulnerable.
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The report defines Silicon Valley together a broad an ar encompassing components of Santa Clara, mountain Mateo, and also Alameda Counties, ranging from Daly City come Union City to Gilroy come Scotts Valley.
The index consists of some data from mountain Francisco for context however does not include the city as component of that is larger local definition. Most of the data covers 2017, with some references to 2018 together well.
Here are some of the conclusions from this year’s analysis:On average, Silicon valley is exceptionally wealthy.
“The average yearly earnings in Silicon Valley reached $140,000 in 2018, a level significantly higher than the state ($81,000) and the nation ($68,000). The number of high-income households (earning $150,000 or more) in Silicon Valley and also San Francisco rose by 35 percent end the past 4 years, if the number of lower-income family members declined.” The Valley’s unemployment price is at an 18 year low.But the money doesn’t go as far given the region’s suffocating expense of living.
Citing figures from the U.S. Census, the index calculates that the san Jose/Sunnyvale/Santa Clara area’s monthly mean housing costs are the highest possible in the U.S. At an approximated $2,341 per month. The elafilador.net/Oakland/Hayward area come in second with $2,059 every month. Keep in mind that these would both be higher at present market costs, yet the census contains older homes and rent controlled areas that carry the mean down.
Home prices stay high and inventory is low. “Median home sale prices in Silicon valley skyrocketed in 2018, reaching almost $1.2 million—and the re-publishing of potential first-time homebuyers that could afford a median-priced home declined. The list of houses on the market has remained relatively low, as has actually the full number marketed each year.”Affordable housing development throughout the an ar is dismal.
“Affordable housing units approved in budget year 2017-18.” for context, that’s just eight percent of brand-new units approved, compared to 16 percent in 2015 and also 23 percent in 2010.
Also of note: “Local real estate affordability concerns are gift exacerbated by inadequate new residential development. Although a large number of units have been developed over the previous two years, they have not comprised for the lack of building over the former decade; and, new residential building is mostly for high-income residents, with only 8 percent of newly approved residential devices affordable come those earning less than 80 percent of the area average income.”The wealth is not falling equally.
The optimal two percent the Silicon sink earners manage 27 percent that the region’s wealth. While this is much less striated 보다 the U.S. In ~ large—where in 2017 the optimal one percent regulated 40 percent of every the country’s wealth—the index notes the clues of local poverty and also economic distress: “37 percent of ours students receive cost-free or reduced-price meals. Ten percent that Silicon Valley citizens lack consistent access to food that is nutritionally adequate. Thirty percent the Silicon Valley households rely on public or private, informal assistance in stimulate to obtain by.”Population inflow is constant, yet growth has actually stalled.
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“Silicon Valley’s populace growth has slowed end the previous three years—down to less than fifty percent the price of growth experienced throughout the previous five-year period. <...> for the third year in a row, human being are moving out the Silicon Valley practically as conveniently as they are moving in.”Immigration is quiet tranelafilador.netorming communities—and industries.
“The re-superstructure of foreign-born residents has increased by nearly three percent points due to the fact that 2009, reaching 38 percent in 2017 (compared to 27 percent in California and also 14 percent in the US). <...> just 17 percent the Silicon Valley workers in extremely technical job come indigenous California. Fourty percent come from India or China, and 29 percent space from other countries.”