In the face of an ongoing housing crisis, residents flee the San Francisco Bay Area in large numbers. According to a Migration Report from real estate brokerage Redfin, the San Francisco Bay Area was second only to New York when it came to people leaving major U.S. cities. Over 28,190 departed in the second quarter of 2019, almost double 2017’s rate.

To find out why, analyst Shane Lee breaks it down: “It is no news that the Bay Area is one of the most expensive housing markets in the nation with a median home price of $1.4 million in San Francisco … In fact, the Bay Area housing market is one of the least affordable markets in the U.S. A home buyer making median income would have to spend over 60 percent of income on the home. The truth is, not everyone makes over $150k each year, and at some point, the home prices would reach a ceiling, which seems to be what the Bay Area is experiencing.”

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