Silicon Valley Drops To 2nd Place In National Income Ranking

SANTA CLARA (KCBS)— Newly released data from the U.S. Census Bureau shows Silicon Valley is the second richest area in the country next to Washington D.C. The analysis also shows residents have become poorer over the last two years.

The numbers show income in the South Bay is $34,000 a year above the $50,000 nationwide median, but the wealthiest areas even have people with incomes that seem to have slipped through the cracks.

KCBS’ Mike Colgan Reports:

George Rixman said he sees a lot more houses for sale on his daily walks around Willow Glen.

“I’m not sure if that’s a sign of the market turning around or if people are just abandoning and walking away. It’s hard to make a mortgage payment if you don’t have a job,” he said.

And if you do have a job, it might not be like the one you once had.

At the Second Harvest Food Bank, Senior Director Cindy McCown said while more people are working, it’s still not the same.

The food bank serves close to 250,000 a month in Santa Clara and San Mateo Counties. According to McCown, many of the people in need of assistance actually have jobs.

People that were once working management positions with benefits might now be working for $8 to $10 an hour.

The census statistics show only six percent of area residents are considered very poor.

(Copyright 2011 by CBS San Francisco. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)

More from Mike Colgan
Comments

One Comment

  1. Robert Mill says:

    Rich are getting richer, poor are getting poorer, recipe for disaster.

  2. LISA says:

    HOW IS SILICON VALLEY THE SECOND RICHEST WHEN MIN. WAGE IS $8.00. AND THE COST OF LIVING IS SO HIGH….

  3. Urolizzard says:

    Liberal skimming is where the money is today. Z

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