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by nostrademons 2157 days ago
Rent for a low-end 1BR in Silicon Valley is about $2000/month. Low-end 2BR = ~$2600/month, high-end 1BR = ~$4500/month. Houses are ~$10K/month and up.

Entry-level tech compensation is ~$180K/year, mid-career = ~$600K/year. If you're not in tech you're screwed here - formerly middle-class professions like teachers/police/firemen live 4 to a 2BR apartment, or they buy houses an hour or more away. Even mid-career finance professionals get screwed - salary for CEO of a local (not nationwide) bank is in the ~$150-200K range, and barely competes with a new grad at Google or Facebook.
2 comments
twblalock 2157 days ago
> Houses are ~$10K/month and up.

That's way high. A million-dollar house on a 30-year fixed-rate mortgage, assuming a 20% down payment, is ~4800/month including property tax. With a 10% down payment it would be about $5800/month.

To get to a $10k/month housing bill you need to buy a place that costs close to $2 million. The median sales price in Santa Clara county is closer to $1.3 or $1.4 million. Most people are paying a lot less than $10k/month for their house.

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nostrademons 2157 days ago
The median buyer in Santa Clara County buys a condo - that's what's going for $1.3-1.4M.

Low-end SFHs - we're talking a 3/2 built in the 1950s - go for about $1.8-$1.9M in Mountain View, $1.6-1.7M in Sunnyvale. A SFH like what you'd get in most of the rest of the U.S. - 4/2.5 or 5/3 on 1/4 acre lot, built somewhere between the 70s and 00s - will run about $2.4-2.8M.

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twblalock 2157 days ago
No, the median SFH sales price in Santa Clara county is ~1.4 million. I just looked it up. https://scc.rereport.com/market_reports

Mountain View is one of the most expensive cities in the county, second to Palo Alto and maybe Los Altos. Most of the area is cheaper.

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Jommi 2152 days ago
That is the most expensive area in US. This compensation is given to EVERYONE.
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