$31.71: The hourly pay it now takes to afford Silicon Valley rent
Source: Silicon Valley Business Journal
In the market for a two-bedroom apartment in Silicon Valley?
Renters in the region must now make $31.71 per hour — far above average wages for hundreds of thousands of local workers — to afford a market rate two-bedroom apartment, according to a new report.
The National Low Income Housing Coalition this week released a 236-page guide to "housing wages", or the pay it take to comfortably afford housing in the U.S., which ranked Silicon Valley as one of the nation's three most expensive housing markets. Only San Francisco and Honolulu, with housing wages for a two-bedroom apartment of $37.62 and $35 respectively, were costlier than the San Jose metro area.
... In Santa Clara County alone, there are 69,530 food industry workers earning an average $11.44 per hour and 119,670 office support workers making an average $21.50 per hour, among many other low- and middle-income occupations tracked by the California Employment Development Department.
Read more: http://www.bizjournals.com/sanjose/news/2014/03/26/31-71-the-hourly-pay-it-now-takes-to-afford.html
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