70% of people in the San Francisco Bay Area say their quality of life has declined, -A six-digit salary is not enough to support two children.-
Recent survey results from Bay Area News Group and Joint Venture Silicon Valley indicate that a large percentage of residents believe their quality of life has worsened. Around 70% of those surveyed find it increasingly difficult to afford essential items such as groceries, gas, childcare, housing, and home insurance.
Many residents express uncertainty about the tech industry’s influence in Silicon Valley. A significant majority support an upcoming ballot proposal this November aimed at increasing penalties for retail theft and drug-related crimes.
The survey, reported by the Mercury News, was conducted in August and included over 1,650 registered voters from five core counties in the Bay Area. This timing is significant, following a rise in inflation, crime, and homelessness. While recent data indicates these issues may be stabilizing or reversing, residents continue to feel the strain of living in the Bay Area.
“This is a demanding place,” Russell Hancock, president of Joint Venture Silicon Valley, commented. “The economic environment is tough.”
Seema Kanani, a single mother, shared her personal challenges. Despite a six-figure salary, she struggles to support her two teenage children. To save money, she has moved back into her childhood home in Milpitas, where she shares a cramped four-bedroom house with her children, parents, and an adult sister.
Though Kanani recently received keys to a two-bedroom apartment, she is anxious about managing the $3,600 monthly rent along with rising food and gas costs. “My income is always above the poverty line, but it’s not enough to sustain our lives,” she confessed.
When asked about living standards, only 13% of respondents felt that the quality of life had improved, while a striking 70% reported a decline over the last five years. However, this represents a 9% decrease in those feeling worse off compared to a similar survey last year, with a margin of error of approximately 2.5%.
Homelessness (97%), housing costs (96%), and the overall cost of living (96%) were identified as the major issues facing the region by respondents. Additionally, 86% pointed to rising healthcare costs, 83% noted crime, and 82% highlighted the high cost of childcare.
Many also reported difficulties in affording groceries (79%), utilities (73%), transportation (65%), taxes (64%), and housing (62%) over the past year.
The ability of California’s local leaders to address these issues may significantly influence various trends, including demographics and political climate. As inflation stabilizes and economic outlooks improve, the Bay Area seems to be nearing a pivotal moment in its post-pandemic recovery.
Jeff Bellisario, executive director of the Bay Area Council Economic Institute, stated, “The current question is how economic growth will unfold over the next five years.”
Kanani wishes to offer her children, 15-year-old Rainah and 13-year-old Veer, more personal space during their high school years. However, she worries that signing a lease could force her to make difficult financial decisions, such as whether to fund her daughter’s taekwondo competitions or save for both teens.
“I might end up draining my savings and then see how it goes tomorrow,” she reflected.
The survey found that 53% of respondents have difficulty covering their monthly expenses, leaving little room for savings or investments. For many, the biggest financial hurdle remains housing. Census data reveals that nearly half of renters and a third of mortgage holders spend over 30% of their income on housing, which is considered cost-burdened by federal standards.
Alarmingly, up to 46% of respondents are contemplating leaving the Bay Area in the coming years, with two-thirds citing high housing costs as the main factor in their decision to relocate. Although the region saw a 3% population decline during the pandemic as residents sought to move away, that downward trend has since slowed.
