Wages in the San Francisco Bay Area have risen significantly over the past five years, but for many families it's not making home buying any easier, reports George Avalos of the San Jose Mercury News.
The typical Silicon Valley income — well over $100,000 annually — is now double the national average, according to a Bay Area News Group analysis of 10 years of federal data. But while pay here is soaring, the cost of housing is rising even faster.
Over the last five years, average wages in the Bay Area’s five most populous counties have risen by roughly 30 percent. In those same five years, the period of recovery and economic expansion after the Great Recession, home prices in those counties have soared more than 87%. In the more affordable East Bay, the median home price has doubled.