As property values continue to increase, the market continues to create challenges for Santa Clara County workers and families.
The Mercury News reports:
“A sizzling market fueled by “too many people chasing too few homes” makes for difficulties for those who earn less than the area’s median family income — which was $106,300 in 2015 according to the state housing department.
County supervisors recently approved putting a $950 million housing bond to voters in November, with most of the money earmarked for the poorest residents. A study by affordable housing advocacy group SV@Home stated that between 2013 and 2014 housing prices rose up to 16 percent while incomes grew by only 4.4 percent.
Santa Clara County has an imbalance of housing and jobs and we continue to add jobs without adding new homes for the new workers,” states the SV@Home report. “In 2015, the region added 64,000 new jobs and only 5,000 new housing units.”
It added that the lack of housing stock affects more than just the lower economic tiers.
“Even middle-income workers like teachers, public safety workers and health professionals find it challenging to find affordable housing options in our region.””
Read the full article via the Mercury News.