Real Estate

Bay Area residents consider great exodus in response to rising home prices

Median home price hits $804,000

Home prices continue to surge in the Bay Area, sparking more than half of its residents to express their desire to leave the region, new poll results show, according to an article by George Avalos for The Mercury News.

In fact, a recent report from the California Association of Realtors showed the state’s infamous housing situation isn’t getting any better, with the number of people that can afford the Golden State’s averaged-priced home dropping even lower.

The median home price in July increased 10.1% annually to $804,000 in the Bay Area, the article stated. A new poll conducted by the Berkeley Institute of Governmental Studies showed 65% of the area’s registered voters now describe home prices as an extremely serious problem.

From the article:

The poll also found that 51 percent of Bay Area residents have considered moving out of the nine-county region, compared with 56 percent statewide who have considered relocating.

“These are very dramatic findings,” said Mark DiCamillo, director of the Berkeley IGS Poll. “In every region of California, the rising cost of housing has crept into the consciousness of voters.”

The poll also showed Millennials are more likely than older generations to want out of the region. The poll found 65% of those aged 18 to 29 considered moving out of the San Francisco area, compared to just 35% of those 65 or older. About 69% of those aged 30 to 39 said they considered moving away from the Bay Area.

The poll sampled 1,200 registered California voters from late August through early September.

And if the soon-to-be mass exodus isn’t convincing enough that there is a problem with affordable housing in the state, last November, San Francisco voters faced a full 17 ballot measures for affordable housing.

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