SAN JOSE (KCBS) — Do you know how much it takes to live comfortably in the Bay Area? Over $150,000.
That’s according to think tank Joint Venture Silicon Valley which found in 2015, the number of households with a median of $150,000, grew by 36,000 in Santa Clara and San Mateo Counties, while the number of households below that shrank by 17,400.
In the East Bay, rich households grew even more by nearly 38,000, while mid to lower range households dropped by 16,500.
Joint Venture Silicon Valley CEO Russell Hancock alluded to this during their State of the Valley conference earlier this year.
“High-earning households are actually growing – they’re gaining percentage points. The low end is also growing. So, we’re creating a bifurcated region – a valley of haves, and have-nots. This is a more contemporary problem,” Hancock told KCBS.
He says the Bay Area is becoming Manhattan West. While some middle income families have moved up, most have been priced out of the area and are moving out.