San Francisco's out-of-control housing prices are causing residents to consider leaving the city in droves — here's where they're headed

  • A Bay Area Council survey reports that 46% of San Francisco Bay Area residents plan to leave the area soon.
  • San Franciscans cite the Bay Area's high housing costs as the largest reason for wanting to move.
  • According to a new report from Redfin, Seattle, Washington, is the top out-of-state destination for Bay Area residents. Others include Sacramento, California; Austin, Texas; Portland, Oregon; and Las Vegas, Nevada.

Fed up with the Bay Area's high housing costs, 46% of residents say they plan to move elsewhere soon — up from 40% last year and 34% in 2016. That's according to the 2018 Bay Area Council survey, which suggests that the Bay Area exodus is getting even more dire.

When asked why they want to leave, 42% of residents said rising housing prices (a big jump from 28% last year). Eighteen percent cited traffic and congestion, 14% said poverty and homelessness, and 12% said living costs. Census data shows that net migration to the Bay Area peaked in 2014 and has been declining every year since.

As Business Insider's Melia Robinson has reported, researchers have been concerned about a mass departure from the Bay Area for some time. Earlier in 2018, the real-estate site Redfin found that San Francisco lost more residents than any other US city in the last quarter of 2017.

A new report from the same team may suggest where Bay Area residents could be moving. Redfin analyzed searches from more than 1 million users looking for homes across 75 metro areas from January to March 2018.

According to the study, the highest share of users (20.7%) searching for homes elsewhere came from Bay Area IP addresses. The top-searched destination for these users was Sacramento, California, and the top out-of-state destination was Seattle, Washington. San Franciscans also considered Austin, Texas; Portland, Oregon; and Las Vegas, Nevada. 

RELATED: Check out the states where Americans pay the highest income taxes: 

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States where Americans pay the highest in state income taxes
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States where Americans pay the highest in state income taxes

California

State income tax: 1% to 13.3% 

Maine

State income tax: 5.8% to 10.15%

Oregon

State income tax: 5% to 9.9%

Minnesota

State income tax: 5.35% to 9.85%

Iowa

State income tax: 0.36% to 8.98%

New Jersey

State income tax: 1.4% to 8.97%

Vermont

State income tax: 3.55% to 8.95%

Washington, DC

State income tax: 4% to 8.95%

New York

State income tax: 4% to 8.82%

Hawaii

State income tax: 1.4% to 8.25%

Wisconsin

State income tax: 4% to 7.65%

Idaho

State income tax: 1.6% to 7.4%

South Carolina

State income tax: 0% to 7%

Connecticut

State income tax: 3% to 6.99%

Arkansas

State income tax: 0.9% to 6.9%

Montana

State income tax: 1% to 6.9%

Nebraska

State income tax: 2.46% to 6.84%

Delaware

State income tax: 2.2% to 6.6%

West Virginia

State income tax: 3% to 6.5%

Georgia

State income tax: 1% to 6%

Kentucky

State income tax: 2% to 6%

Louisiana

State income tax: 2% to 6%

Missouri

State income tax: 1.5% to 6%

Rhode Island

State income tax: 3.75% to 5.99%

Maryland

State income tax: 2% to 5.75%

North Carolina

State income tax: 5.75%

Virginia

State income tax: 2% to 5.75%

Oklahoma

State income tax: 0.5% to 5.25%

Massachusetts

State income tax: 5.1%

Alabama

State income tax: 2% to 5%

Mississippi

State income tax: 3% to 5%

Utah

State income tax: 5%

Ohio

State income tax: 0.495% to 4.997%

New Mexico

State income tax: 1.7% to 4.9%

Colorado

State income tax: 4.63%

Kansas

State income tax: 2.7% to 4.6%

Arizona

State income tax: 2.59% to 4.54%

Michigan

State income tax: 4.25%

Illinois

State income tax: 3.75%

Indiana

State income tax: 3.3%

Pennsylvania

State income tax: 3.07%

North Dakota

State income tax: 1.1% to 2.9%

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All five of these metro areas generally have lower housing costs than the Bay Area, where the median price of a home recently hit a record high of $820,000. In Las Vegas, meanwhile, residents could find a home for just $252,000.

Seattle — home to Microsoft and Amazon — is a slightly less expensive city than San Francisco, and has seen an influx of tech workers in the past decade. Seattle is not immune to high housing costs, however. From 2005 to 2015, Seattle's median rent went from $1,008 to $1,286, an increase nearly three times the national median.

Recent data also shows Seattle's median home price hit $777,000 in February — $20,000 more than the previous all-time high set a month prior. According to Redfin, Seattle residents looking to leave mostly searched for homes in areas that are more affordable and less competitive, like Phoenix, Arizona, and Chicago, Illinois.

The Bay Area, considered the nation's tech capital, could also lose top tech workers if they can't afford to live there — even on six-figure salaries.

SEE ALSO: Striking maps reveal the huge wealth gap between San Francisco and the rest of the country 

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