Researchers at San Jose State University on Thursday revealed this year’s index on economic inequality in Silicon Valley.
The Silicon Valley Pain Index, a report put together by SJSU’s Human Rights Institute, evaluates societal needs such as housing, food and childcare. The goal is to inform government, community leaders and the public of persistent inequalities in areas including employment, education, housing, population, health and overall well-being.
The index shows that the top 10% of residents hold 75% of the area’s wealth. The bottom 50% of residents hold less than 1%.
“We have an even greater gap in income between the wealthiest and the rest of us,” lead author Anji Buckner-Capone said. “We have seen more schools close. We have seen increases in compromised physical and mental health. We have far too many individuals and families who are unsure how they will make ends meet.”
According to the index, San Jose ranks as one of the most expensive large cities in the United States. To buy a standard home, citizens need an income of over $460,000.
“We have abundant resources,” The Health Trust CEO Dr. Tony Iton said. “There’s enough for everybody to get food and healthcare and childcare. It’s not like there are shortages of these things. It’s just the policy is not investing in our people.”