In tech’s capital, even programmers with six-figure salaries are struggling to afford studio apartments.
Everyone knows living in the San Francisco Bay Area isn’t cheap, especially for people like teachers, firefighters, and service-industry workers whose wages haven’t kept up with the skyrocketing cost of housing in one of the nation’s most expensive places to live.
But increasingly, even tech workers — some of the Bay Area’s highest-paid residents — are having a hard time achieving the bedrock of the American Dream: home ownership. These workers average six-figure salaries but increasingly can’t afford to buy a house in San Francisco, where the average home value is around $1.34 million and the median down payment needed was around $250,000 last year. And although there’s been a bit of a slowdown in recent sales, that’s expected to change quickly. A new class of freshly minted tech IPO millionaires are set to “eat San Francisco alive,” as described in a headline of a recent New York Times story.
When Joshua Davis, 28, a software engineer at a machine learning startup who said he makes upward of $100,000 a year,