Report ranks San Jose as most expensive large city in the country
The latest Silicon Valley Pain Index report, published by San Jose State University, reports that the average city renter needs to make more than $136,000 to keep their housing payments at 30% of their income.
The report also says it's 81% more expensive to live in San Jose compared to the national average, meaning that for a median-priced home in San Jose, an annual household income of $370,000 is needed.
Rapidly rising rents have made it beyond a challenge for hairstylist Cassie Cook to find a new apartment.
"100% it's getting harder and harder," said Cook, who works full-time at "Cassie Cook Hair Designs" in West San Jose, where she works and rents a 1-bedroom for herself and two children.
"For a regular apartment complex, it feels like there are ten other people with better credit, and a deposit to get into the same apartment as someone like me in the service industry," said Cook.
The report also notes that the cost to rent a two-bedroom apartment in Santa Clara County has increased 90% over the past 10 years.
"I can't afford to live here," said Cook. "I'm barely making it. Last month I was late on my rent."
Besides rentals, the index report also highlights how the median home price in Silicon Valley reached $1.92 million in 2024. Michael Repka, CEO of DeLeon Realty, recently listed one home in Los Gatos for nearly $4 million. The house sold this week for more than $5 million, over $1 million above the asking price, with multiple bidders.
"We're seeing strong demand in terms of home sales and also for rentals," said Repka. "Some people are finding it's too expensive or cost-prohibitive to buy homes because the interest rates are so high."
City Councilmember Pamela Campos has been pushing for more affordable housing to prevent family homelessness.
"The situation is dire, particularly for working families in San Jose who are under tremendous pressure because of these skyrocketing housing costs," said Campos, who currently lives with her parents. "We're seeing that many families cannot afford to stay."
As rental prices continue to rise, it's a struggle for Cook.
"That's the difficult part. Everyone is trying to save money when prices are becoming so expensive everywhere," said Cook.
But she says there's no giving up, no matter how unaffordable the housing situation appears.
City officials say more than 2,200 public school students currently face homelessness and that more families are in danger of being in the same situation.
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