There are Burbed readers outside of the Bay Area – in fact, one gentleman from Virginia donated $25. (You can too!) One question I do hear from time to time: “How do you people afford to live there?”
Now, naturally most people are earning at least $100k + bonus, and many others have stock options. But, let’s face it – not everyone is that fortunate and can be in tech, be police officers, or be bus drivers. Some people work in other industries that aren’t so lucrative.
But the fact is that Silicon Valley residents are known for their perseverance and entreprenurial skills. Let’s look at another example:
County home foreclosures skyrocketing – Inside Bay Area
Antonia Hernandez, 52, saw her monthly mortgage shoot up to $6,883 on a two-bedroom, one-bathroom house in Redwood City that she’s in danger of losing.
It went into foreclosure after the loan on the house reset. Hernandez, a housekeeper, and her husband, a refinery worker, originally paid $4,300 per month in mortgage payments when they purchased the house two years ago. Their combined monthly income is $5,400.
Hernandez and her husband live with six nephews in the house, and may have to walk away from it.
The family purchased the house for $775,000 with a subprime loan, and the interest rate adjusted upward. As of February, the Hernandezes stopped making payments because they could not afford them.
Hernandez is working with the group ACORN, the Association of Community Organizations for Reform Now, which is trying to negotiate a loan modification in her behalf.
You see what I mean? In the rest of the country, where there are no smart people or great schools like Sequoia High, people would be like “Whoa… 8 people? How do we fit that in 2br/1ba?” But these are likely the same people who would be asking: “Whuh? The web can be both read and write?”
Now granted, this isn’t as innovative as the 990 sqft East Palo Alto house that had 14 people in it. But still, it’s another fine reminder that if there’s a way, people in Silicon Valley will find it.
I’m getting all choked up. I love this place. Don’t you?