Report Finds that Californian’s are Leaving the Silicon Valley for Nevada, Texas, and Idaho
According to a report by analysts from realtor.com, Santa Clara County leads the state in residents looking to move out of town. The county is known for being the nation’s tech sector and for its expensive housing. The analysts used property searches and census data to figure out that a larger share of residents are leaving Santa Clara County than any other county in California. San Mateo County, which is nearby and where Facebook is headquartered, came in second. Danielle Hale, chief economist for realtor.com, stated,
They’re looking for affordability and not finding it in Santa Clara County.
The median price of a home in Santa Clara County is $1.28 million, which is more expensive than many residents can afford. This has forced several residents in the county to move to Arizona, Nevada, Idaho, and Texas for better housing deals. Many Santa Clara County residents are also moving within California to places in the counties of Alameda, Sacramento and San Joaquin, where housing is cheaper. According to Hale, it appears that the increased property searches outside of Silicon Valley are at least partly driven by millennials that are looking to get into in the housing market. We will have to wait and see if the number of people leaving the Silicon Valley continues and how it will affect the region.