Nevada, Texas and Idaho Become Destinations for Those Leaving Silicon Valley
Residents of California's tech-centered Silicon Valley area are now flocking to Nevada, Texas and Idaho as more affordable options to live.
"Using property searches and census data, analysts at realtor.com found that a larger share of residents are leaving Santa Clara County — home to tech behemoths Google and Apple — than any other county in California," according to National Mortgage News.
"Nearby San Mateo County, where Facebook is headquartered, came in second, just ahead of Los Angeles County."
Affordability has plenty to do with the shift as the cost of living is quite steep in the Silicon Valley area. With an area that already features a high cost of living, it can become an even more daunting task to afford to live where limited housing supply and a flourishing economy is boosting rental prices even further through the roof.
Better deals are available in stats like Arizona, Texas, Idaho and Nevada. Homes are coming in at prices well-below the Santa Clara median home price of $1.28 million.
Silicon Valley is also becoming a much less-affordable area for first-time homebuyers and millennials who are already struggling with expenses such as student loans.
One effect with millennials and other residents who are deciding to look elsewhere for more affordable homes, is the housing market for the Bay Area to bounce back to more modest position.
To learn more about residents moving from the Bay Area to states like Texas, Idaho and Nevada, click on the image above.