A new report from San Jose State researchers is putting a spotlight on a big problem: the growing gap between Silicon Valley''s wealthiest households - and everyone else.

San Jose

A recent report by San Jose State researchers, known as the Silicon Valley Pain Index, details the growing disparity between the wealthiest households in Silicon Valley and the rest of the population. The study finds that over 70% of the region's wealth is held by just nine households, which collectively increased their wealth by $136 billion in the past year. 

The report also highlights the challenges faced by average residents, including high living costs and a lack of affordable housing. It estimates that a person needs to earn at least $125,000 annually to afford average rent in San Jose. While there have been improvements such as fewer police use-of-force incidents and expanded homeless services, the authors hope the findings will prompt policy changes to address the region's inequality.

Growing wealth gap in Silicon Valley

of the pandemic. It's been a long time coming, but it's certainly been a time of uncertainty and growing disparity between Silicon Valley's wealthiest households and everyone else. KTVU is Ali Rasmus is back now to explain what's called the Silicon Valley Pain Index. Good morning, Ali. Good morning, David Garcia. Researchers call it that because the goal behind the study is to try and measure the inequality and poverty in the region and the suffering it can cause. So researchers here at KTVU are going to take a closer look at what's going on in the region. We're going to take a closer look at this report, and one of the more startling figures that the report highlights is the fact that more than 70% of the region's wealth is concentrated in just nine households. I believe we have a graphic. Of that that we can show you. Those nine house households made 136 billion more last year alone than they did the year before. Compare that to at least 100,000 households in San Jose, which is a lot of money, but it's also a lot of poverty, and it's also a lot of poverty. Here say the wealth gap in the region has grown and this extreme income disparity leads to all kinds of problems. The report says the average person needs to make at least 125,000 a year to be able to afford San Jose's average $3200 a month rent. And that a lack of affordable housing creates a domino effect with families leaving the area, leading to lower enrollment in schools, and a decrease in job opportunities. The report says San Jose's average $3200 a month is the lowest number of essential jobs overall. Now the report says San Jose would have to build about 8000 new homes every year in order to reach its long term housing goal. Most the city has ever been able to build in a single year is 1700. So there's a huge gap there. Now there are some positive changes that the report did mention the fact that there are fewer police use of force incidents in San Jose than there have been in the past. The report also says that there have been fewer and the report says there have also been expanded homeless services and housing services in the region. All good things. The report says, but the authors of the study say the whole goal behind putting this together is to try and inspire some government policy change and also maybe change the behavior of individuals as well. Live in San Jose. Ali Rasmus KTVU Fox two news. All right, Ali. Thank

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