Wages in Silicon Valley are not keeping up with the Bay Area's housing costs, according to a new report.
Numbers crunched by the Silicon Valley Institute for Regional Studies found that the median apartment rent price in Silicon Valley rose 45.2 percent between 2011 and 2016. During that same time period, the median wage increase was just 14 percent.
Housing opportunities as a whole are also coming up short in the areas surrounding the Bay Area's tech giants. A grand total of 80,285 housing units were added in Silicon Valley between 2007 and 2017, according to the report. In order to keep pace with the swelling population, 138,146 units need to be constructed.
The report also found that Silicon Valley job growth has tapered off. Through the midway point of 2015, San Francisco, San Mateo and Santa Clara counties were together adding approximately 100,000 jobs year over year, according to the report. The year over year gains by May of this year had dropped to 40,000 jobs.
On a positive note, unemployment in the area has steadily declined. The number of people without jobs in the San Francisco area has dropped from 5.2 percent in May 2013 to 2.6 percent in May 2017. Unemployment in San Jose has declined from 6.4 percent to three percent during that same time range.
