Workers are Starting to move away from the Bay Area to look for more Affordable Cities
A report released last month by LinkedIn reveals that the Bay Area isn’t the talent magnet that it used to be. The net number of workers moving to the region dropped 17 percent from February to May, which is a slight drop. Over the past 12 months, the Bay Area has lost the most workers to the cities of Austin, Portland, and Seattle. All three cities have lower living costs than the Bay Area. According to CoreLogic, a real estate information service, the median price in April for a previously owned single-family home in the Bay Area region climbed to $800,000. Guy Berger, LinkedIn’s economist, stated:
(The Bay Area) isn’t quite the El Dorado it might have been three to four years ago when the rest of the country was still struggling to recover from the Great Recession. A lot people are probably hearing that even if you’re getting paid really well in San Francisco a huge chunk of that is going to be for rent or your mortgage.
However, data showed that of the workers that did move to the Bay Area, most of the workers came from the cities of Boston, Chicago, and New York City. Because of the rise of tech companies, it is very unlikely that the Bay Area will be short on workers, but housing prices will definitely force more workers to commute longer distances to get to work.