Hunting for a house that’s affordable, nearly one in five home seekers living in the Bay Area is looking outside the region, according to a new analysis by Redfin.
The brokerage’s inaugural “migration report” places the San Francisco metropolitan area — including San Jose and Oakland — in the No. 1 position among markets where house hunters are most likely to leave.
The brokerage sampled nearly 1 million users who looked for homes in 75 U.S. metro areas during the first three months of 2017.
Those 1 million users included about 110,000 in the San Francisco metro area, out of whom 21,300 — 19.4 percent — looked outside the region, where the cost of homes isn’t so prohibitive. The most common in-state destination for those heading toward the exits was Sacramento, while the most common out-of-state destination was Seattle.
“Fast-growing coastal cities may be generating the high-paying jobs, but they haven’t created enough budget-friendly housing to keep pace. The price of real estate and desire for homeownership is compelling many to uproot and seek housing in more affordable communities,” said Nela Richardson, Redfin’s chief economist. “Even a Bay Area family with two solid incomes can struggle to afford a modest home. For many, the only path to homeownership is to pack up and move out.”
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