Jobs paying less than $50,000 a year make up the majority of Silicon Valley’s projected employment growth, according to a 2012 report, and that means many more workers will commute long distances because they can’t afford to live in the valley.
In a housing market inflated by high-salary technology jobs, the median price of a single-family residence in Santa Clara and San Mateo counties remains at nearly $700,000.
The cost of renting is often out of reach as well. The report, released by the Non-Profit Housing Association of Northern California and Urban Habitat, shows that the average Silicon Valley bank teller, paramedic, waiter or retail employee falls well short of the annual salary needed to afford a two-bedroom apartment: $69,560 in Santa Clara County and $82,400 in San Mateo County.
As a result, 98,000 cars commute to and from the valley each day, and more than one-third of the workers driving them earn less than $40,000 annually, the report said.
Some commute from Stockton or Modesto (both almost two hours east of Silicon Valley), others from Hercules (more than an hour north). Even though housing is much cheaper there, these long-distance commuters pay in other ways: They spend a big chunk of their income on transportation and also lose time with their families.