We’ve long passed the point where the middle class could comfortably afford to live in Silicon Valley, but now, it seems like even relatively high earners are struggling to get by.
Palo Alto, right in the heart of the region, has had it particularly bad: Its planning commissionerrecently resignedto move somewhere cheaper, whileits mayor has said the city is adding jobs faster than it can handle.
This chart fromStatistashows just how astronomical housing prices have become in the former home of Google and Facebook. Citing data fromZillow, it notes how, in the past decade alone, Palo Alto’s median home value has risen from $1.17 million to nearly $2.5 million. There’ssome reason to believethis explosive growth is starting to cool, however. But in a city where studio apartments cango for $1.3 million, that can only mean so much for anyone hoping to live in one of the epicenters of the tech industry.