We all know that housing is an issue in Silicon Valley. We know, see, hear, feel the impacts of this crisis every day – as our teachers and firefighters can no longer afford to to live in the districts they serve. As our business community struggles to recruit and retain talent. And as our most vulnerable populations continue to be forced out of the area.
We must be informed about the full extent of the problem we face in order to identify solutions and pathways to relief. While our Resource center is currently being developed, allow us to share a few sample statistics to drive understanding and awareness of our region’s housing crisis.
- From 2010 to 2014, the County saw the creation of more than 189,000 new jobs and added more than 113,000 new residents, but built only 36,414 new housing units (Joint Venture Silicon Valley)
- Rents have increased more than 60% in San Jose in that five-year period (Real Facts)
- It takes an hourly wage of $54, or more than $122,000/year, to afford the median 2-bedroom apartment rent of $2,808 (Real Facts/SC County)
- It takes an annual income of $133,377 to afford the median house (Bloomberg/ San Jose metro area)
- The SJ metro area is the #1 least affordable place for millennials in the US (Bloomberg)
- One third of the County’s 18-34 year olds live with their parents (Joint Venture)
- More than 6,500 people are homeless on any given night (2013 PIT Count, Santa Clara County)
- The wait list for Section 8 housing assistance was last opened in 2006 but still includes over 25,000 families (Housing Authority of the County of Santa Clara)