Even Apple and Google Engineers Can’t Really Afford To Live Near Their Offices
Published on February 14, 2018 at 08:35PM
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. Fast Company: 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. Here’s what it found: 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. 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. Google wasn’t much better at 32%, and living near the Facebook office would cost an engineer 29% of their monthly paycheck.
Read more of this story at Slashdot.