In 2011, according to the US Census, the median income for a man aged 25-34 was $32,581 (£20,368). The average Silicon Valley salary was a little under $100,000. The [Silicon Valley] Bay Area’s tech industry boasts 50 or more billionaires and many thousands of millionaires. Yet homelessness in the region has risen by 20 per cent in two years. This month, Twitter announced its imminent flotation on the stock market, which means there may soon be several hundred more tech millionaires in San Francisco… The median monthly rent on a one-bedroom flat in the Mission is now $2,850. Between 2011 and 2012, San Francisco rents went up faster than in any other US city.
By Tim Walker, The Independent. 27 September 2013