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Silicon Valley Is Losing People as Costs Rise, Report Says


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San Jose residential neighborhood with vineyard

The median sale price of a Silicon Valley home single-family detached houses and condos combined was $1.12 million in 2019.

Credit: Getty Images

Silicon Valley is seeing growing employment alongside rising costs — especially when it comes to housing and income inequality, according to Joint Venture's 2020 Silicon Valley Index. For the third year in a row, more people are leaving the area than are coming in, the report says.

There have been 821,000 new jobs created in the Bay Area since the recession, but only 173,000 new housing units, says Russell Hancock, CEO of nonprofit Joint Venture and president of the institute Russell Hancock. This lends itself to skyrocketing home prices and "creaking infrastructure," he says.

Income and wealth inequality are growing, with wealth inequality hitting "a historic high as 13% of households hold more than 75% of the region's wealth," according to the report. While 13% of households have more than $1 million in net assets, 37% have less than $25,000 in savings.

Silicon Valley counties were among those with the greatest domestic out-migration in California between July 2018 and July 2019, with Santa Clara County seeing a net loss of nearly 6,000 residents, the report says.

From CNET
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