Communications of the ACM
Silicon Valley's 'Middle Class' Earns 7 Times .S. Average
Even those earning above $200,000 annually struggle to make ends meet in Palo Alto.
Credit: PaloAltoOnline.com
The median income in Palo Alto, Calif. is double the U.S. average and people earning up to $400,000 a year consider themselves "middle class."
Welcome to Silicon Valley, where people earning almost seven times the national average are struggling. Residents of one of the most affluent suburbs in America have all the outward signs of wealth, but many are feeling the pinch when it comes to living in the Silicon Valley bubble.
Home to companies including HP and Tesla and around the corner from the nearby headquarters of Google, Facebook, and Apple, Palo Alto is synonymous with tech innovation and Silicon Valley disruption. And with that comes serious wealth. According to U.S. Census data, the median household income in Palo Alto is $137,000 a year, while the U.S. average is $57,600.
But in a place where wealth is on show, many are struggling to keep up with Joneses.
From CNET
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