Even for the well-heeled tech industry, Bay Area home prices are too much. Faced with astronomical housing costs, a growing number are now leaving the area — and state.
A survey of 2,700 Wealthfront investment clients has revealed that less than 25% plan to live in San Francisco long-term. Some of them say they will try neighboring cities like Sunnyvale and Mountain View, but a growing number are eyeing metros in states where housing is more affordable.
Believe it or not, that includes New York. The Big Apple was the #1 cited relocation destination for Wealthfront’s clients. The median list price for house in the New York-Newark-Jersey City metro area is $525,000.
Here are the top 5 cities techies are moving to, according to the survey.
1. New York
2. Austin
3. Seattle
4. Los Angeles
5. Chicago