If you have ever considered moving or visiting San Francisco, be sure you bring your extra cash and some change to spare.
Skyrocketing home prices plus an increasingly competitive rental market is causing a lot of people to flee the area. Forget flowers in your hair… The new message for anyone who is thinking about moving to San Francisco Bay is, “it is expensive!”
So just how pricy would it be to live in San Francisco?
Reported by the Council for Community and Economic Research, the cost of living in the San Francisco Bay area is 62.6% greater than the average U.S. cost of living. Housing prices are nearly three times more than any other U.S. city.
According to ijr:
Citizens of the San Francisco Bay Area are leaving in droves, as what was once a hub for newcomers is leaving a bad taste in the mouths of its former residents.
The cost of living in San Francisco is staggering. In fact, renting a two-bedroom apartment costs $4,650 a month on average, which is the highest rate in the country, according to Smart Asset. And if you want to buy a home in the Bay Area, the median price is $825,000.
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As a result, residents are jumping ship at a record-breaking pace. In fact, people are fleeing the Bay Area at a rate that hasn’t been seen for an entire decade. However, home prices are just one factor in the exodus. Another issue is California’s changing demographics.
According to The Mercury News:
People are leaving Silicon Valley nearly as quickly as they are coming in. Between July 2015 and July 2017, the region gained 44,732 immigrants but lost 44,102 residents to other parts of California and the country, according to the regional think tank. The population drops have been most notable on residents between the ages of 18 and 24, and between 45 and 64.
“A typical client has been in their home for decades, and no longer feels connected to the changing community,” Sandy Jamison, the owner of a real estate agency in San Jose, told The Mercury News.
It’s more political for some in the Bay Area, though. In fact, some aren’t happy with California’s sanctuary city status.
Carole Dabak lived in San Jose for forty years. Now, she’s going to Tennessee.
In an interview with CBS SF Bay Area, she revealed the reason she’s leaving California altogether.
“I loved it here when I first got here. I really loved it here. But it’s just not the same,” Dabak said. “We don’t like it here anymore. You know, we don’t like this sanctuary state status and just the politics.”