Lack Of Housing Pushing Out More Affluent Bay Area Residents
A lack of housing stock and rising housing prices have skewed the flow of new Bay Area residents toward higher income levels. At the same time, more affluent residents are moving out of the area, according to a recent report by BuildZoom.
From 2010 to 2016, over 1,200 inbound residents earned more than $50K compared to 766 outbound residents. Since the start of the economic recovery, outbound migrants’ income levels have risen from about $58K in 2010 to nearly $82K in 2016.
Comparatively, inbound migrants earned over $9K more than outbound residents in 2016 and had income levels on par with the median income of all Bay Area residents. In 2010, inbound migrants were averaging income levels of $60K, about $17K less than the Bay Area median income.
Many of these new residents are entering jobs with high wages. According to BuildZoom’s analysis, about 61% of inbound residents had a college degree compared to about 45% of current Bay Area residents.
Those leaving the Bay Area also are earning 38% more in 2016 than in 2010, suggesting rising housing costs are impacting more affluent income levels. Rising housing prices also have pushed more residents to sell their homes, cash the proceeds and move to a more affordable market, according to BuildZoom.
