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Silicon Valley booming, leaving middle class and poor behind

A new report shows Silicon Valley is booming with higher jobs and income. But soaring housing costs are driving a larger wedge between the region's rich and poor.

The region added nearly 47,000 jobs in 2013, up 3 percent over the previous year. Forty-five percent of households now earn more than $100,000.

However, Silicon Valley Community Foundation president Emmett Carson says not everyone is benefiting.

He sees a growing divide between rich and poor that is driven by an overwhelming demand for housing. Last year, the region gained more than 33,000 new residents but only 6,500 new homes.

Bank Rates

Loan Type Graph Rate +/- Last Week
30 Y Fixed Graph 3.95% dw 4.07%  
15 Y Fixed Graph 3.13% -- 3.13%  
30 Y Fixed Jumbo Graph 4.29% up 4.19%  
5/1 ARM Graph 3.11% dw 3.22%  
5/1 Jumbo ARM Graph 3.60% up 3.50%  
Loan Type Graph Rate +/- Last Week
$30K HELOC Graph 4.66% up 4.32%  
$50K HELOC Graph 4.03% up 3.99%  
$30K Loan Graph 4.97% dw 5.00%  
$50K Loan Graph 4.34% dw 4.36%  
$75K Loan Graph 4.34% dw 4.36%  
Loan Type Graph Rate +/- Last Week
36 M New Graph 2.70% dw 2.83%  
36 M Used Graph 3.18% dw 3.36%  
48 M New Graph 3.03% dw 3.15%  
48 M Used Graph 2.91% dw 3.00%  
60 M New Graph 3.07% dw 3.17%  
Loan Type Graph Yield +/- Last Week
6 month Graph 0.38% dw 0.39%  
1 yr Graph 0.70% -- 0.70%  
5 yr Graph 1.50% -- 1.50%