Earning $400,000 a year in Silicon Valley doesn't make you rich 4
Palo Alto Weekly, a local newspaper in Palo Alto, Silicon Valley (California), conducted a survey last January about sociology.
As a result, up to 84 people, with self-declared income ranging from 10,000 USD to 399,999 USD per year, considered themselves middle class.
In fact, there is no fixed income standard to determine the middle class, it depends on each country.
According to the Pew Research Center (USA), people with household income ranging from 66-200% of the average US household income can be classified as middle class.
Mark Zuckerberg, Founder and CEO of Facebook currently lives in Palo Alto, California.
However, according to Palo Alto Weekly, with an average household income of 137,000 USD per year, the standard of wealth in Palo Alto must be different from the rest of the US.
Located in the heart of Silicon Valley, Palo Alto is home to Stanford University and several high-tech companies such as Tesla, Palantir Technologies, Hewlett-Packard and VMware.
“In most of the rest of the country we would be rich.
Some residents even say they don’t dare think about `eating healthy and dressing well` because they still struggle with child care costs.
Last December, the average home price in Palo Alto was $3 million, reaching its highest mark ever.
The Palo Alto Weekly survey added that 75 respondents considered themselves middle class with income from $50,000 to $400,000 per year.
