There’s only one reason why they’re fleeing the Bay Area, too: housing costs.
It is wildly expensive to buy a home anywhere in the San Francisco Bay area. The median home price in the area is more than $843,000. The number-one city in California that they move to, Sacramento, has home prices that are 2 ½ times lower than that at $294,000.
But a huge number of residents are choosing to move out of state. The top cities are Seattle, Portland, Las Vegas, and Phoenix – where home prices are even lower than Sacramento’s.
Between 2000 and 2009, the Bay Area lost more than 600,000 residents, then net migration outward slowed down. Now, it’s picking up again.
In 2016, San Francisco lost 26,000 people, and in the first three months of 2017, the Bay Area has lost 15,100 people.
Other Big Cities Shrinking. Other cities with shrinking populations include New York, Los Angeles, and Washington D.C.
Cities experiencing the fastest growth are Sacramento, which picked up 4,000 residents; Phoenix with 2,800 residents; and Las Vegas with 2,600 residents.
Apparently, one of the most stable cities is Austin, Texas.
“Austin is the gold standard of healthy migration, driven by its booming jobs market and a vibrant housing market,” said Redfin chief economist Nela Richardson. “In order for cities to attract and keep a talented workforce, win corporate investment and generate tax revenues, they have to prioritize the basics for their residents—ensuring an adequate supply of homes that are affordable to live in.”