Skip to main content

New Report Details Silicon Valley Housing Crisis

Phil Hall
Jul 21, 2015
Silicon Chip Pic

The San Jose metro market, the center of the nation’s high-tech industry, is facing a massive crisis in housing affordability, with less than one-quarter of workers and less than half of households having the ability to buy or rent average-priced housing.

According to a new report issued by the Silicon Valley Competitiveness and Innovation Project, the median income in the San Jose metro market was $57,400 for individual workers and $91,500 for households. But the average rent for a two-bedroom apartment in this area was approximately $2,900 per month and the median home value there is approximately $925,000.

"Folks who have been living here for a long time are being priced out," said Janine Kaiser, project manager, in an interview with the San Jose Mercury-News. "There are sweeping ramifications for residents in terms of quality of life. And this represents a key challenge for businesses," hampering their ability "to recruit new talent for their work forces and to the region."

Jul 21, 2015
UWM Adds 'Control Your Price' To 'Game On' Pricing

New program provides 125 basis points in price enhancements for loan orignators.

Industry News
Jan 11, 2023
Rocket Pro TPO Relieves Brokers Of Credit Fee Burden

Will provided free credit reports to brokers if they get their loan closed with the Detroit lender.

Industry News
Jan 10, 2023
Former Employees Sue Rocket Mortgage Over OT Pay

Claim company failed to properly calculate & pay OT for working beyond 40 hours a week.

Jan 09, 2023
Judge Grants UWM Partial Win In Ultimatum Lawsuit

AML’s declaration that the ultimatum violated antitrust law survived.

Industry News
Jan 04, 2023
A&D Mortgage Launches Temporary Rate Buydowns

Offering 3-2-1 and 2-1 buydown options.

Industry News
Jan 04, 2023
Zillow: 2M Homes No Longer Require A Jumbo Loan

This is the result of FHA's update to the baseline conforming loan limit in high-cost areas topping $1 million.

Industry News
Jan 04, 2023