Average Silicon Valley Rent Requires $31.74 Hourly Pay

Even decent jobs can't quite make pricey South Bay rent

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    NEWSLETTERS

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    If you find Silicon Valley unaffordable, don't worry -- it's not you.

    "Hundreds of thousands" of local workers can't afford the area's asking prices for rent, which would require an hourly wage of $31.71 to pay for, according to the Silicon Valley Business Journal.

    San Jose is the third-costliest housing market in the United States, behind only San Francisco and Honolulu, according to a report from the National Low Income Housing Coalition.

    The figures are based on the idea that "affordable" means paying less than 30 percent of your income on housing costs, the newspaper reported.

    Silicon Valley has almost 70,000 fast-food workers making $11.44 an hour, and nearly 120,000 workers making $21.50 an hour on average.

    The average asking rents for a two-bedroom apartment in Santa Clara County is $1,649 a month.