Silicon Valley home price IS EXPENSIVE from any angle you look at or analyze from. You can't say that because it's easy to find 7W or 8W job, then this price is not expensive. This is not a right logic. In east coast, it's also VERY EASY to find a job at 7W or 8W. Didn't you see that now NYC and DC metro all have higher number IT job openings than Silicon Valley and from my knowledge most of these jobs pay well beyond 7W, 8W. In fact, NYC and DC salary is not any less than Silicon Valley salary (Google/Youtube are few exception, I don't count them...).

Then, please look at home price, with the exception of Manhattan, although Manhattan price is about the same as Silicon Valley, but very few middle income people live in Manhattan. Most middle income people live in either Norther NJ or West Chester NY or Connecticut. These places' home price is still 60-70% of Silicon Valley price. I have to emphasize that family income is about the same. DC metro's price is also only 60% of Bay area price, but income is not any less, probably higher. Both Fairfax and Montgomery counties family income is within the top 10 in the nation, higher than San Jose.

Well, it's not responsible to sit in a well and say that the sky is not big. You have to look at the situation from Nationwide angle. If Silicon Valley home price is not high, where is higher?