Kate Bradshaw

Caltrain ridership has plummeted 92% from pre-pandemic rates. Photo by Magali Gauthier.

Annual report illustrates how the increasing cost of living is impacting residents — and driving them away.

By Kate Bradshaw

This story was first published in The Six Fifty on March 22, 2023.

Each year, Joint Venture Silicon Valley, a regional nonprofit think tank, publishes its Silicon Valley Index, a report chock-full of data points attempting to paint a point-in-time portrait of the region.  

This year’s data points confirmed a lot of what I’d observed anecdotally in my own circles: Essentials like housing, transportation, food and child care feel more expensive than ever. There’s a widening gap between the haves and the have-nots, more people are leaving for greener pastures, and mental health challenges like anxiety and depression are all too common – especially for people experiencing financial stress. 

These statistics suggest that for many, Silicon Valley’s high cost of living has made the region inhospitable enough to drive them away. But for those who remain, it’s been exacerbated by unaffordable home prices, pay inequity and inflation. 

Generally, this data set includes in its definition of Silicon Valley both San Mateo and Santa Clara counties, plus a few additional neighboring communities, including Fremont, Newark and Union City in Alameda County and Scotts Valley in Santa Cruz County. As a result, the territory includes a population of 3 million residents and 1.63 million jobs. Data is compiled by Joint Venture Silicon Valley’s research arm, the Silicon Valley Institute for Regional Studies. 

Here are the top takeaways from the report.

Full story here.