The Latest Housing Facts & Figures
- In 2015, Santa Clara County continued its decades- long pattern of adding many more jobs than housing units, adding 41,300 new jobs but only 5,353 new housing units. (Vital Signs).
- The County of Santa Clara and the 15 cities in the County collectively exceeded their overall need for market-rate housing by 39% in the last State Regional Housing Needs Assessment (RHNA) cycle – 2007-2014 – versus only 28% of its lower-income and 22% of its moderate-income needs (Association of Bay Area Governments).
- From 2014 through 2017, Santa Clara County’s largest City – San Jose – met only 5% of its RHNA goal for affordable housing construction (City of San Jose – 2017 General Plan Annual Performance Review).
- As of June 2017, the median home price in Santa Clara County was 9.4 times the Countywide median income vs. 3.4 nationally. (City of San Jose Housing Department)
- The median-priced home in Santa Clara County, as of August 2018, was $1,110,000, up almost 28% year over year (NAHB, 2018).
- While common thought is that Silicon Valley tech workers all make six figure salaries, blue collar contract workers make an average annual income of $19,000 and white collar contract workers make an average annual income of $53,200. These workers can afford rents of $475 and $1,330 respectively, far below the median rent of $2,850 (Working Partnerships USA, 2016).
Impacts of the Housing Crisis
- More than 7,400 people are homeless on any given night in Santa Clara County (2017 PIT Count, Santa Clara County).
- Homelessness costs the County an estimated $520 million annually; when housing and on-site supportive services are provided, the annual cost of supporting a formerly homeless person is reduced by more than $47,000 (Destination: Home and the County of Santa Clara).
- One third of the County’s 18-34 year olds live with their parents (Joint Venture Silicon Valley).
- Renters who are women of color face the steepest burden of housing costs, with 59% of this demographic paying more than 30% of their income on housing (PolicyLink).
- If all San Jose renters paid only what they could afford on housing (30% of income), each renter household could save $8,500 per year to spend on other expenses, or a total infusion of $599 million into San Jose’s economy (PolicyLink).
Jobs and Housing
- In 2015, over 390,000 people employed in Santa Clara County commuted from homes outside of the County while over 271,000 workers living in the County commuted to jobs outside the County. In other words, 119,000 more workers traveled into Santa Clara County each day than left the County to work elsewhere (U.S. Census Bureau).
- The tech industry generates approximately 4.3 jobs in local goods and services for every direct tech job, and has the highest jobs multiplier for any industry. (Silicon Valley Rising, Bay Area Council Economic Research Institute).
- While common thought is that Silicon Valley tech workers all make six figure salaries, blue collar contract workers make an average annual income of $19,000 and white collar contract workers make an average annual income of $53,200. These workers can afford rents of $475 and $1,330 respectively, far below the median rent of $2,850 (source: Working Partnerships USA).
- Many lower-income workers have had to move far away from their jobs in the Bay Area to find housing that they can afford. However, they face longer commutes, and for every dollar saved on rent, they face a 77-cent increase in transportation costs – in addition to mental and physical health impacts for both the wage-earner and his/her family from spending more hours each day in a vehicle (Bay Area Health Inequities Initiative).