Column | chapter nine algorithm
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The Bay Area’s role as the center of the NATION’s tech industry may be quietly changing as skyrocketing housing prices, along with changing employment and demographic trends, drive many tech talent out of the Bay Area.
Some of California’s most high-tech cities, including San Francisco, Los Angeles and San Diego, showed net emigration (people moving out > people moving in), according to 2016 U.S. Census data.
So where do the tech talents fleeing the Bay Area end up?
Where are the tech talents moving out of the Bay Area?
According to data from the 2016 U.S. Migration Report, the top five continents in terms of net population inflows were as follows:
Census data show that the following cities have large net population inflows (in-population > out-population) :
Cities with a large net inflow of scientific and technological talents
What are the characteristics?
Analysis of the above cities with a large number of net immigrants shows that these cities mainly have the following two characteristics:
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Also, the technology industry is relatively developed, which can provide many technology-related job opportunities
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While the job market is not as wide as in the Bay Area, the cost of living is significantly lower than in California
What’s driving tech talent out of the Bay Area?
According to the analysis, the main reasons for moving out of the Bay Area are as follows:
House prices high
It is reported that the Bay Area is becoming the most expensive area in the United States due to the promotion of public companies, land shortage, rapid population growth and urban planning restrictions on housing supply.
Housing costs average $1.5 million a year in San Francisco, compared with $720,000 in Seattle, half that in Silicon Valley, according to the Department of Housing and Urban Development.
In cities like Portland, Phoenix, and Austin, the average annual cost of housing is half that of Seattle and a quarter that of San Francisco, so moving tech talent to these areas has greatly reduced the cost and stress of living.
The traffic problem
Traffic in the Bay Area has also been somewhat disappointing. TomTom ranked San Francisco as the second most congested CITY in the US in 2017 according to its Traffic Index, with the average trip taking 39 percent more time than planned.
And tech workers in the Bay Area can’t afford to rent cheaper housing farther out of town because of poor transportation.
The work-from-home trend is on the rise
The number of people who work from home or telecommute has grown steadily over the past decade, according to the BUREAU of Labor Statistics.
The rising cost of living for bay Area tech talent has given rise to a new wave: working from home. Instead of staying in the Bay Area, they work remotely from home or some other coffee shop, but they still end up being paid more than their bay Area counterparts.
So the work-from-home trend is one reason tech workers are leaving the Bay Area.
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The exodus of tech talent from the Bay Area has been accompanied by a steady influx of new tech talent. After all, the Bay Area is home to the most top IT companies and jobs of all kinds. This attracts a large number of young generation of scientific and technological talent.
There are many factors to consider when deciding which location to choose. Family, marriage, opportunity, cost of living, etc. Whether it’s the Bay Area, Seattle, or waist-twisting, you’ll find what’s right for you.
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