For all the talk about how hard it is to afford a home in the Bay Area, it’s especially tough for young people, many of whom are planning to leave the area because it’s just too expensive, according to a new survey.
The survey, commissioned by San Francisco real estate company Zumper, shows that while more than a third of local millennials (ages 23-38) currently live with their parents or roommates, almost a third of them say they’re likely to move away from the Bay Area in a year.
Even those making good salaries in the tech industry are poised to get out of town for good.
While San Francisco and the Bay Area as a region have been places where young people come to earn good salaries and stock options, they've also been smacked by the high price of housing.
When it comes to buying a home, so-called millennials such as Sarah Canfield just can’t afford it here. So, they're saying no to high down payments, mortgages and home ownership. And saying goodbye to the Bay Area.
"Being young and trying to do it on my own, you feel like you don’t know what to do," said Canfield, who lives in San Mateo. "It’s hard, it’s expensive; you look into other options, relocating."
Real estate agent Wilson Leung hears from his clients about struggling with costs and not being very hopeful.
"And once they get discouraged, they go back to their current situation, renting or living with their parents," Leung said.
But Leung says there is some reason for hope: a drop both in interest rates and even housing prices over the last few months means a little more opportunity to get in.