Household Incomes Rise For Latinos In Silicon Valley, But Major Setbacks Remain

The name Silicon Valley conjures up an image of an area where the most important computer, technology and innovation geniuses of the United States and the world are concentrated. It is also one of the most exclusive places where the world's richest people live. Last year, it was estimated that 84 billionaires lived in the area. The region includes San Jose, Santa Clara, Redwood City, Mountain View, Palo Alto, Menlo Park, Cupertino, and Sunnyvale.

The median household income in Silicon Valley exceeds that of San Francisco, California and the United States. In 2021, Silicon Valley households earned an average of $138,804 per year, while those in San Francisco and California earned $121,826 and $84,907, respectively. The national average was $69,717.

However, this abundance does not extend equally to everyone, according to the Hispanic Foundation of Silicon Valley (HFSV), which shows that despite rising household incomes, the Latino community has experienced major setbacks.

According to a report by the HFSV, despite making up 70% of Silicon Valley's workforce, 72% of Latinos work in low-wage jobs and are underrepresented in higher-paying positions. The report shows that Latinos are the third largest racial/ethnic group in Silicon Valley (25%), after Asians (37%) and Whites (30%). They make up 27% of the population in Santa Clara County and 24% in San Mateo County.

In the Bay Area as a whole, despite nearly 20% of the population, only 8% are employed in the technology sector.

Homeownership is one of the most common indicators used to measure the progress of a community. Regarding housing, the report notes that less than half of the Latino households surveyed in Silicon Valley (47%) own their homes. The remaining 53% rent their primary residence. Nearly three-quarters (73%) of Latino respondents reported spending 30% or more of their household income on housing costs. Since 2013, the Latino homeless population has increased significantly in Santa Clara and San Mateo counties. In 2022, Latinos made up 47% of the 10,028 homeless people in Santa Clara County and 47% of the 1,808 homeless people in San Mateo County. They also face discrimination, housing segregation and barriers to opportunity.

The Latin Times attempted to contact the Silicon Valley Association of Realtors (Silvar) and the Santa Clara County Association of Realtors, but they declined to comment.

Ernie Martinez of Century 21 Real Estate Alliance, a Latino real estate agent with many years of experience in the Bay Area, told The Latin Times that even though there are no homes under a million dollars right now, there are Latino buyers looking to buy. He recently made a closing for a client who reached out to him to do the deal in Spanish.

Martinez added that there are successful Latinos in all sectors of Silicon Valley's industry and economy, and that regardless of whether the market is in favor of sellers or buyers, he always has Latino clients ready to put their home on the market or looking for an attractive home to make a tempting offer to the homeowner.

"In my experience, Hispanics are not missing out on the bonanza that this region is experiencing, and as long as they have good credit and the money up front, they can always find a seller willing to make a deal," he added.

Some of the names that have stood out in the Silicon Valley corporate world include Antonio Humphreys, Chief of Staff, Technical Operations Division, United Airlines. His background includes companies such as NASA, Shell Oil, Hewlett-Packard, Gap, and Adobe.

Also of note is Javier Diaz, Director of Global Services Marketing at Schneider Electric, a provider of technology staffing solutions to leading technology innovators and Forbes 100 and Guillermo Diaz, Jr. is an entrepreneur and CEO of Kloudspot Inc, an innovative AI and analytics platform.

Similarly, Supply Change Capital, a venture capital firm co-founded and led by two prominent Latina Silicon Valley entrepreneurs, Noramay Cadena and Shayna Harris, recently closed its first fund, successfully raising $40 million in capital commitments focused on investments in the massive $10 trillion global food industry. Supply Change Capital invests in the technologies that support a more resilient food system.