Residents of Silicon Valley are the most likely people in California to move elsewhere due to the incredibly high cost of living, according to a new analysis.
A report by realtor.com found that residents are leaving Santa Clara County, home to tech giants Google and Apple, in higher numbers than any other part of California — mainly as a result of the continually rising price of real estate, with a median house price of $1.28 million.
“They’re looking for affordability and not finding it in Santa Clara County,” chief economist for realtor.com, Danielle Hale told Mercury News, as lower to middle-income earners continue to struggle to find affordable housing given its housing shortage and prosperous economic climate.
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Within California, many residents are moving to areas such as Alameda, Sacramento, San Joaquin or Placer counties, while others going further afield are finding better value in states such as Arizona, Nevada, Idaho, and Texas.
“[This] could eventually lead to the slowing of the frenzied pace of the housing market,” Hale added.
To help ease the housing shortage, state politicians have proposed loosening regulations on construction to allow millions of new homes to be built, although such proposals ultimately failed to pass.
Workers receiving six-figure salaries in major technology companies have previously complained that despite their comparatively high earnings, they feel priced out of the area and that life is increasingly unaffordable. In March, an “unassuming” house in Silicon Valley sold for $2 million.