3 ms·
Initially this was true, certainly SV would use higher salaries to draw developers and engineers to the valley. But cost of living has exploded since then. A mo
by glitchc 6y ago
Initially this was true, certainly SV would use higher salaries to draw developers and engineers to the valley. But cost of living has exploded since then. A modern developer living in SV does not command a higher standard of living as food and housing costs are significantly higher than most of the rest of the country. A similar trend plays out on the east coast so it’s not just SV.
It’s balanced by the CoL adjustment. In short, SV engineers are not better off, and haven’t been for the past decade. This is apparent by the observed exodus in the light of Covid forcing a shift to primarily remote work. Engineers are trying to reclaim their wage advantage by moving to cheaper locations, and companies are fighting back by reducing compensation accordingly.
- markalexander 6y agoSort of. Often a big chunk of your CoL is going into a massively appreciating asset. People always seem to ignore this when talking about the top n most expensive cities in the world. You can literally sell your apartment and go live in a mansion most other places on the planet when you feel like it.
- codesnik 6y agohm. do many people in silicon valley buy their apartment or house there these days? Is it even accessible?
- markalexander 6y agoPeople in general or people in tech? Well what’s the typical mortgage multiple, 6 or 7 times salary? So for the latter, it seems pretty attainable to get an apartment at the lower end of the market to start out on. Correct me if I’m wrong, though.
- sidibe 6y agoWell if you're just renting the CoL difference is nowhere near the salary difference you'd get in other locations/careers.