In an interesting twist, the same high-tech workers – engineers at Apple and Google – who are often blamed for the sky-high home prices in the first place – are now finding it difficult to buy a home within a 20-minute commuting distance from work.
For example, the median price of a home in Cupertino – Apple’s base – is $2.2 million. Homes within a 20-minute commuting distance have a median price of $1.2 million while the average software engineer’s salary is $188,000, which makes for 33 percent of monthly income, significantly higher than the recommended 28 percent.
Some companies such as Facebook and Google are looking to partly remedy the situation by backing the development of homes in Menlo Park and Mountain View, respectively.
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