Study: Even Apple and Google engineers can’t really afford to live near their offices

Even Apple and Google engineers can’t really afford to live near their offices, Mark Sullivan writes for Fast Company.

“That’s according to the Y Combinator-backed real-estate startup Open Listings, which looked at median home sales prices near the headquarters (meaning within a 20-minute commute) of some of the Bay Area’s biggest and best-known tech companies,” Sullivan writes. “Using public salary data from Paysa, Open Listings then looked at how many software engineers from those companies could actually afford to buy a house close to their office.”

“Engineers at five major SF-based tech companies would need to spend over the 28% threshold of their income to afford a monthly mortgage near their offices,” Sullivan writes. “Apple engineers would have to pay an average of 33% of their monthly income for a mortgage near work. That’s the highest percentage of the companies analyzed, and home prices in Cupertino continue to skyrocket.”

Read more in the full article here.

MacDailyNews Take: Gotta love the rat race!

15 Comments

  1. Yet the city government does nothing with the record amount of taxes collected from these home sales for the homeless and rampant drug users in the downtown area that crap on any old sidewalk.
    San Fran is becoming a hell hole.

    1. U guys are a joke. Come to Vancouver where u can’t buy a tiny piece of junk house for less than $1 millon USD. A 1 bedroom condo that is about 650 square feet will run you half a millon USD with increasing strata fees per month because our condos are made like hotels with pools, gyms, hot tubs that you end up not using but paying for.

      1. It’s the same here in Pasadena, CA.
        My friends back east about die when I show them $1M homes here.
        One bed/studio apt’s here go for over $2k/month.
        It’s all a bad joke. America as it stands today is killing middle class, and sucking more and more tax dollars from us to support all the crap and waste.

        1. Labor unions were the Middle Class, now replaced by Corporate Unions who are now the Upper Class as a people, a people with Constitutional rights according to Citizens United and McCutcheon.

  2. Must be nice with the sky rocketing housing cost in the Greater Toronto Area (GTA) the mortgage on an average house is 125% of the average IT workers income. So you need several families sharing a house. I really don’t know how people on minimum wage live. I had to get rid of my house and rent on a tiny apartment and it is 43% of my income. 26 Years in IT for a fortune 500 company.

    1. It’s gonna break, and soon. WE simply can’t keep going on like this.
      My daughter went to medical school and even though she took two years to start at a local Community College to save money, even with grants and scholarships, she owes over $200k in loans. Thank god she makes a lot, but even with that, a home is nowhere near reality for her. How messed up is that?

  3. From my recent visit to Apple Park I was unimpressed with the nearby neighborhood. The houses seem pretty mediocre for the prices, and it feels in the middle of nowhere.
    Wouldn’t a skyscraper in downtown SF be more attractive to rising talent? (Think Salesforce Tower.) Plus it would have a whole transit network leading right to it. I found it a bit illogical to focus so much on making the campus sustainable, but the location requires 20,000 people to drive to it every day. (Minus those who use the bus system.)

    1. I was feeling the same way about the new campus. It is beautiful, but not having lived in suburban California, I don’t understand the lifestyle / work-life issues at play.

      My instinct would have been to either build a sprawling campus in the middle of nowhere (which Cupertino was, but isn’t anymore), or build a tower in a well-serviced high-density urban core.

  4. The price people pay just to belong. Sacrificing their finances, their families, their self respect – just to grasp at the hope of belonging. How sad and pathetic. Well, buck up, compadres! You can always change your vector.

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