SAN JOSE, Calif. (KRON) -- Right after San Francisco, San Jose is the second-most expensive place in the country to rent a home.
The average rent there is more than $3,000 -- unfathomable for people earning minimum wage.
In San Jose, rent is far from affordable for people making minimum wage.
The average price for one bedroom is exactly $3,059.
“That’s drastically more expensive, than national as a whole, which is well under $2,000 a month for rent,” said Zillow senior economist Jeff Tucker.
Tucker says the top five metropolitan areas for rent across the country are San Francisco, San Jose, Miami, New York , then Los Angeles.
He says San Jose prices remain high due to a shortage of housing and a strong demand to live in South Bay.
“Really great quality of life, California weather, access to ocean and mountains, along with access to the highest paying industry in the country: the tech industry,” Tucker said.
Tucker says not everyone works in tech, which has made housing difficult for a minimum-wage worker.
But he does see some light at the end of tunnel.
He says tech companies could also be a part of the solution.
If they continue remote work, it will take the excessive demand off housing in San Jose and will leave more supply.
“I think prices and rent will not be rising as quickly in the Bay Area broadly as the rest of the country,” Tucker said.
from KRON4 https://ift.tt/zMUGQwI
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