Four years after the Occupy movement put income inequality in the national spotlight, the topic remains a hot-button issue with the 2016 Democratic presidential candidates placing it high on their speaking agendas. In Silicon Valley, the wealth gap is underscored by housing prices—namely, how they differ depending on whether homes are owned by tech workers or non-tech workers.
According to a new study from Zillow based on U.S. Census data about where tech workers in Silicon Valley reside, the average employee at Apple’s Cupertino headquarters lives in a house worth $1.14 million.
That’s approximately $241,000 more than the median home value in the San Jose area, $380,000 more than the median home value in the San Francisco metro area, and nearly five times the price of the average U.S. home. In 2010, the average Apple worker’s home was just three times more valuable than the average U.S. home.
The average home prices for Facebook and Google employees, meanwhile, are even greater—$1.25 million and $1.28 million, respectively. Their price appreciation is also outpacing that of neighboring homes.
As Zillow’s Chief Economist Dr. Svenja Gudell said in a press release Monday, “This analysis highlights the widening wealth gap between tech company employees and other U.S. workers—a gap that is putting increasing pressure on housing markets where tech companies are booming.”