San Francisco has long been a hot market, but extreme housing costs could lead to a millennial exodus in the next few years
The Bay Area Council’s 2017 poll found out that 40% of its respondents were thinking of leaving the area in the next few years, with 46% of millennials sharing the same sentiment.
“Losing our youth is a very bad economic and social strategy,” said Jim Wunderman, president and CEO of the Bay Area Council. “But until we get serious about building the housing we need we’re going to continue seeing our region drained of the young and diverse talent that has helped make the Bay Area an economic powerhouse. “
Housing costs were always cited as a main issue in the survey, along with traffic and homelessness. The cost of living was chosen as a top problem by 55% of respondents, beating out traffic (41%), housing (39%), homelessness (30%) and income inequality (28%).
Along with millennials, a big chunk of respondents who said they were considering leaving were those who spent a huge part of their income on housing.
“Losing our youth is a very bad economic and social strategy,” said Jim Wunderman, president and CEO of the Bay Area Council. “But until we get serious about building the housing we need we’re going to continue seeing our region drained of the young and diverse talent that has helped make the Bay Area an economic powerhouse. “
Housing costs were always cited as a main issue in the survey, along with traffic and homelessness. The cost of living was chosen as a top problem by 55% of respondents, beating out traffic (41%), housing (39%), homelessness (30%) and income inequality (28%).
Along with millennials, a big chunk of respondents who said they were considering leaving were those who spent a huge part of their income on housing.
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