The San Francisco Bay Area is on the brink of an exodus as a low supply of homes and high demand drive housing prices to new insanities, and the cost of living with it. A recent report from real-estate site Redfin said that San Francisco lost more residents than any other US city in the last quarter of 2017.
But where are they going?
Over 146 million American workers have LinkedIn profiles, and over 20,000 companies in the US use LinkedIn to recruit, which gives the social network an inside look at workforce trends.
One of the trends the company is watching: Where people leaving San Francisco are headed.
LinkedIn crunched its data to identify the US cities from which the most LinkedIn members moved from the San Francisco Bay Area in the past 12 months.
These are the top 10 destinations for people fleeing San Francisco's housing market:
10. Stockton, California
Located in California's Central Valley, Stockton became the most populous city in the US to declare bankruptcy in 2013. Now, the city's 27-year-old mayor is leading a basic income trial that will give some residents $500 cash each month with no strings attached. That program was initially funded with a $1 million grant from a group co-chaired by Facebook cofounder Chris Hughes —
The tech-fueled riches of Silicon Valley could help turn around this California city's fortune.
9. Salt Lake City, Utah
Dubbed the "Silicon Slopes," the area reaching from Salt Lake City to Provo, Utah, is filled with top tech companies, including Adobe, EA Sports, Overstock.com, and cloud software startup Domo. Tech workers who flock to Salt Lake City for its lower taxes, more flexible regulatory environment, and natural amenities may find they can actually afford a home near the office.
The National Association of Realtors reported that the salary needed to buy a home in Salt Lake City was $59,521 in the last quarter of 2017. In San Francisco, it's at least $173,783.
8. Hawaii
Tech workers are finding paradise on the Hawaiian Islands (LinkedIn was not more specific as to which islands). The ready availability of wireless internet and smartphones has made it easy for people to work remotely, even where they're surrounded by the Pacific Ocean on all sides.
The tech sector in Hawaii remains small. The state ranks 44th in net tech employment. Hawaii employed about 31,000 tech workers in 2017, which makes up just 4% of the state's total workforce.
Dr. Guy Berger, an economist who works at LinkedIn, said retirees and people working outside of the tech industry likely account for some of the migration from the San Francisco Bay Area.
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