Middle class folks need some help too in Silicon Valley.
AB Wire
The City of Palo Alto is considering building and subsidizing new housing for families making $150,000 to $250,000, CBS SF reports.
Nearly anywhere else in the country, a family bringing in $250,000 a year is considered wealthy. In fact, this salary puts you in the wealthiest 3 percent of Americans, reported the San Francisco Chronicle.
But in Palo Alto, Calif., this income bracket sticks you in the middle class. This high-tech hub centered in the Silicon Valley’s hot job market has the country’s third-highest median family income among small cities at $167,408, according to a 2014 Money survey.
This all means buying a home can be next to impossible.
In the town where Google’s Larry Page and Facebook’s Mark Zuckerberg reside, the average cost of a three-bedroom home is around $2.18 million, an unaffordable price to middle-class families without hefty down payments, reported the Chronicle.
Read the full story here: http://www.sfgate.com/news/
1 Comment
Palo Alto is a high housing market even in the worst of times. With all of the Third World immigration, it is creating a housing bubble that will eventually pop like when the dot.com era bottomed and popped. The Bay Area became a ghost town. Hopefully, the economic bubble will pop soon like it did in 2001, and everyone (Third World citizens) will all leave the country and go home to their own countries. It can’t happen soon enough. The illegals will go home too because they too will be out of a job. I wish Zuckerberg, et al., would just move their headquarters to China and India, rather than bringing in the mass Third World immigration that most Americans cannot stand.