MercuryNews.com | 12/13/2006 | Silicon Valley rents fall from top 10
Renters trying to hunt down an affordable Silicon Valley apartment may not believe it, but for the first time in several years, metropolitan San Jose is not among the country’s top 10 most expensive places to rent, according to a study released Tuesday.
But it is No. 11. A renter would need to make $24.69 an hour, or more than $51,000 a year, to afford the rent for a basic two-bedroom apartment in the San Jose area, an annual survey from the National Low Income Housing Coalition found. Minimum wage in California is $6.75 an hour.
Oh Noes! We’re only 11th!!
Quick! We need more apartment->condo conversions to help boost these prices. If we fall any further, we won’t be as special!
Shown below are the projected 2007 fair market rent (FMR) and the “housing wage” for several counties. The housing wage measures how much a worker would have to earn per hour to afford a two-bedroom rental without spending more than 30 percent of income on housing.
County FMR Housing wage
San Mateo $1,551 $29.83
Santa Cruz $1,359 $26.13
Santa Clara $1,284 $24.69
Alameda $1,250 $24.04
San Benito $932 $17.92
That’s actually pretty darn cheap. People who rent should be required to pay a special “Non-homeowners Tax” – because… well… they’re not buying/selling houses. And if you’re not helping house prices go up – you’re not helping your neighbors. And no one likes an unfriendly neighbor!
What can we do… what can we do.
Fortunately, the areas around us are still properly expensive according to this list: