Packing Up And Moving Out: Bay Area Exodus Continues
Source: eastbaytimes.com | Re-Post MNM Partners, LLC 3/26/2018 –
Efforts to move out of the Bay Area continued in recent months, with 16,000 residents packing up and taking to the road for cheaper housing and new opportunities. A study by real estate brokerage Redfin found the Bay Area remains the top region for outward migration in the country.
The most popular destination for Bay Area refugees remains Sacramento, followed by other tech hubs and California cities. “It’s pretty much in line with what we’ve seen for the past few years,” said Taylor Marr, senior economist at Redfin. “Many people leaving the Bay Area are still looking in California.”
The steady climb in real estate prices has made first-time home-buying expensive and frustrating for many newcomers. And rents continued to rise year over year, especially around tech giant headquarters in Silicon Valley.
The median price in December for a single-family home in Santa Clara County was $1.2 million, while a similar home in San Mateo was $1.4 million, and in Alameda, $838,000, according to real estate firm CoreLogic. A comparable home in Sacramento is $314,000, according to Zillow.
Overall, the region’s population continues to grow. But the number of outgoing residents has hit its highest point in more than a decade, according to a report released Wednesday by Joint Venture Silicon Valley.