Bay Area tech workers transition permanently to remote working in less-dense cities like San Diego.
IS SAN FRANCISCO GOING BELLY UP? – This email from Roh Habibi (one of San Francisco’s top agents) grabbed my attention.
The San Francisco Bay Area housing market is experiencing a 10-year high in inventory. San Diego however, is struggling with an extreme lack of availiable homes for sale on the market.
The number of homes on the market in San Francisco, net of new sales and contract activity, ticked up another 4 percent over the past week to 1,420, representing 120 percent more inventory than there was at the same last year and a 10-year seasonal high.
San Diego has been exporting talented tech workers to San Francisco for years. Now that COVID has forced employees to work remote, it’s no surprise many are choosing to leave The Bay Area for less expensive and lower density locations.
According to data website Numbeo, a person would need around $5,898.76 in San Diego, CA to maintain the same standard of life that you can have with $8,300.00 in San Francisco, CA (assuming you rent in both cities).
People seeking affordability aren’t the only one’s relocating away from The Bay Area. In Carlsbad, a $25 Million home is being erected for a Silicon Valley tech entrepreneur. He’s planning to make the seaside home on the cliffs of Terramar his permanent residence and home office.