heart of the nation’s tech sector, the astronomically expensive
Santa Clara County, leads the state in residents looking to move
out of town, a new report found.
property searches and census data, analysts at realtor.com found
that a larger share of residents are leaving Santa Clara County —
home to tech behemoths Google and Apple — than any other county in
California. Nearby San Mateo County, where Facebook is
headquartered, came in second, just ahead of Los Angeles County.
looking for affordability and not finding it in Santa Clara
County,” said Danielle Hale, chief economist for realtor.com.
Bay Area has long been a costly place to live, but a tight housing
supply paired with an
unprecedented economic boom pushed rents
and real estate even further out of reach for all but the most
affluent residents. Low- and middle-income families and younger
workers unable to find apartments or houses they can afford have
been forced further afield, a trend that has led to ultra-long
commutes and perennially clogged freeways.
crisis has inspired a
flurry of state legislation to spur enough
new housing construction to slow and eventually lower prices,
sweeping proposal to add millions of homes
by public transit. It died in April, but its author, Sen. Scott
Wiener, D-San Francisco, has vowed to try again next year.
of staying put, many Santa Clara County residents are decamping
for Alameda, Sacramento,
San Joaquin or Placer counties, looking at homes that are
$509,000- $894,000 less than the Santa Clara median price of $1.28
million or leaving the state altogether and moving to Arizona,
Nevada, Idaho or Texas for even better deals.
was the first time realtor.com conducted such an analysis, which
did not analyze the patterns by age. But Hale said it appears that
the increased property searches outside of Silicon Valley are at
least partly driven by millennials —
roughly spanning the ages of 22 to 37 — determined to get a
foothold in the housing market, even if it means moving.
workers have flocked to the Bay Area for high-paying jobs, a
recent report from the Joint Venture Silicon Valley think tank
found that nearly as many people are leaving as are coming
millennials and others continue to leave the Bay Area in search of
affordable homes, Hale said, “It could eventually lead to the
slowing of the frenzied pace of the housing market.”
top out-of-state destinations for the South Bay exodus are the
areas in and around Phoenix, Arizona; Reno and Las Vegas, Nevada;
Austin, Texas; and Boise, Idaho — where homes are $750,000 to
$965,000 less than the typical property in Santa Clara.
report also reveals the
ripple effect of such migrations and their
upward pressure on home prices. Take Alameda County, one of the
top destinations for people fleeing the South Bay — but also #6 on
the California exodus list: As prices in the East Bay city
skyrocket, many are moving east to Contra Costa, San Joaquin,
Sacramento and Placer counties in search of cheaper housing.
Meanwhile, the median home price in Sacramento County — $357,000 —
has risen each month for the past six years, the Sacramento Bee
reported last week, jumping by 12 percent in the past year.
10 California counties that people are leaving
Santa Clara County
of state destinations: Arizona, Nevada, Texas and Idaho
state destinations: Alameda, Sacramento, San Joaquin, Santa Cruz
and Placer counties
San Mateo County
of state destinations: Arizona, Nevada, Texas and Washington
state destinations: Alameda, Contra Costa, Santa Clara,
Sacramento, and San Francisco counties
Los Angeles County
of state destinations: Nevada, Arizona, and Idaho
state destinations: San Bernardino, Riverside, Ventura and Kern
of state destinations: Arizona, Idaho, Nevada, Florida and Oregon
state destinations: Solano, Sonoma, Sacramento, Lake and El Dorado
of state destinations: Arizona, Nevada, and Idaho
state destinations: San Luis Obispo, Fresno, Santa Cruz,
Sacramento and San Diego counties
of state destinations: Arizona, Nevada, Idaho, and Hawaii.
state destinations: Contra Costa, San Joaquin, Sacramento, Placer,
and El Dorado counties
of state destinations: Nevada, Arizona, Oregon and Idaho.
state destinations: Sonoma, Contra Costa, Solano and San Francisco
of state destinations: Arizona, Nevada and Idaho
state destinations: Riverside, Los Angeles, San Bernardino, San
Diego and San Luis Obispo
Santa Barbara County
of state destinations: Arizona, Nevada and Idaho.
state destinations: San Luis Obispo, Ventura, Los Angeles,
Riverside and Kern counties
San Diego County
of state destinations: Arizona and Nevada
state destinations: Riverside, San Bernardino, Imperial, Orange
County and Los Angeles
Report from realtor.com.