Today I’d like to share some staggering statistics regarding affordability in the Bay Area.
The app called Blind is used by many tech workers to communicate with each other anonymously. Recently, Blind sent out a survey to 2,326 tech workers across different companies, including Google, Facebook, Oracle, etc., to ask if they could afford a home here. Of those surveyed, 59% reported being unable to afford a home in the Bay Area.
This is not surprising, given that the median home price in San Francisco is $1.6 million. At this price, only 12% of people in San Francisco can actually afford to buy a house.
It’s not just the average worker who can’t afford to live in the Bay Area—59% of tech workers can’t either. This is exactly why we see so many people selling their homes and leaving the Bay Area.
If you have any questions about this or are interested in buying or selling, please feel free to contact me.