High Earners Make Their Way to the Bay Area

The Bay Area has seen a sure spike in home prices over the years and now more than ever. Now, a new report revealed that low earners are on their way out of the Bay Area and high earners are making their way in.

It is becoming progressively harder for lower income workers to keep up with a younger group that happens to be earning more. This doesn't leave much room for existing families, who are moving out of the area due to inflation demands.

"'In the Bay Area, you have a tremendous demand for housing,' said Issi Romem, BuildZoom chief economist and author of the study," according to National Mortgage News.

"High housing prices, he said, make it almost impossible for many families to put down roots and push them away from the region."

Families with a household income of $57,400 are moving out of the Bay Area while many of the newcomers are earning a household income of $70,000.

"The Bay Area represents the extreme edge of a national trend: higher paid and educated professionals moving to large, coastal cities like San Francisco and New York, while lower paid workers are moving toward less expensive metro areas, the report found," according to the report.

"This migration has driven up housing prices in coastal cities, while others in the Rust Belt have seen home prices drop."

To learn more about the shift in income and the Bay Area's spike in home prices, click on the image above.

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