Almost 1 in 5 residents of Silicon Valley are poor, a new study out of Stanford University reveals.
The tech-fueled economic boom that's made Menlo Park the priciest office address in the United States isn't trickling down to everyone on the Peninsula, according to the Silicon Valley Business Times, with 18 percent of Silicon Valley residents qualifying as poor.
The Stanford University Center on Poverty and Inequality determined who is poor and who is not using different metrics: they accounted for the state's "notoriously high cost of living" and also took undocumented residents and under-reported use of social services, the newspaper reported.
Using traditional standards, 10.2 percent of Santa Clara County residents were poor in 2011, the newspaper reported. But accounting for expensive housing and the above, 18.7 percent of county residents lived in poverty.
In San Mateo County, 18.4 percent of residents qualified as poor under Stanford's study.
Rents in the areas continue to climb: a one-bedroom apartment in Santa Clara goes for $2,128 a month, and in San Mateo, such a place fetches $2,050 a month.
About 22 percent of all Californians live in poverty -- and 32 percent of Latinos, the study found.
