‘We need to do better’: Silicon Valley wages lag cost of living — and it’s getting worse

SANTA CLARA COUNTY’S ballooning cost of living has exploded.

Cost of living in the county is increasing at a faster rate than wages across all income levels. While its median income has gone up nearly 75% over the past 10 years, the price of a two-bedroom apartment has risen about 90% during the same period. A household needs an annual income of $125,280 to afford a two-bedroom apartment in Santa Clara County, based on the National Low Income Housing Coalition’s 2024 Out of Reach report. About 32.1% of county households have an annual income of less than $100,000 and wouldn’t be able to afford a fair market two-bedroom apartment.