The San Francisco housing market is so dire that people are leaving in droves — here's where they're headed

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The San Francisco Bay Area is on the brink of an exodus as a low supply of homes and high demand drive housing prices — and the cost of living — to new heights.

A recent survey from the Bay Area Council advocacy group found that 46% of residents say they plan to move away soon, up from 40% last year and 35% in 2016.

But where are they going?

Over 146 million American workers have LinkedIn profiles, and more than 20,000 companies in the US use LinkedIn to recruit, giving 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 where the most LinkedIn members moved to from the San Francisco Bay Area in the past year. These are the top 10 destinations.

10. Stockton, California

Located in California’s Central Valley, Stockton in 2013 became the most populous US city to declare bankruptcy.

Now the city’s 27-year-old mayor is leading a basic-income trial that will give some residents $500 in cash each month with no strings attached. That program was initially funded with a $1 million grant from a group co-chaired by the Facebook cofounder Chris Hughes.

The tech-fueled riches of Silicon Valley could help turn around this California city’s fortune.

Read the full LinkedIn Workforce Report »

9. Salt Lake City, Utah

Dubbed the Silicon Slopes, the area from Salt Lake City to Provo is filled with top tech companies, including Adobe, EA, Overstock.com, and the cloud software startup Domo.

Tech workers who flock to Salt Lake City for its lower taxes, 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 about which islands.)

The availability of wireless internet and smartphones has made it easy for people to work remotely, even where they’re surrounded on all sides by the Pacific Ocean.

A recent report found that the tech sector in Hawaii remains small, and the state ranks 44th in net tech employment. Hawaii employed about 31,000 tech workers last year, making up just 4% of its total workforce.

Guy Berger, an economist who works at LinkedIn, said retirees and people working outside the tech industry most likely accounted for some of the migration from the San Francisco Bay Area.

See the rest of the story at Business Insider

Read the full article from it’s original source: http://uk.businessinsider.com/san-francisco-housing-so-expensive-people-leaving-2018-4

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