ROEM's newest multifamily project is specific to incomes at 60% of the Santa Clara County area median.
MOUNTAIN VIEW, CA—From 2010 to 2014, there were more than 189,000 new jobs and 113,000 new residents added in Silicon Valley, but the region built only 36,414 new housing units, according to Joint Venture Silicon Valley. And, a recent report by the National Low Income Housing Coalition found that in no state, metro area or county nationwide can a full-time worker earning the prevailing minimum wage afford a modest two-bedroom apartment, GlobeSt.com learns. This is true even in cities where minimum wages are higher than the federal level.
In Silicon Valley, the gap between what even the average renter household can afford to pay and the prevailing rents is even more staggering. HUD's 2017 fair market rent for a two-bedroom apartment in Santa Clara County is $2,220. In order to afford this level of rent and utilities without paying more than 30% of income on housing, a family must earn $7,400 monthly or $88,800 annually, according to ROEM Builders Inc.
Hoping to stem the tide of the housing crisis, an affordable multifamily apartment community, Evelyn Family Apartments, will offer studio, one, two and three-bedroom apartments to families making up to 60% of the Santa Clara County area median income. It is to be located at the southwest intersection of East Evelyn Avenue and South Bernardo Avenue on a 1.93 acre site.
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Lisa Brown
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.
