Speculation is a thing of the past when one questions if Bay Area residents
relocated throughout the pandemic. In fact, the Wall Street Journal
published the findings of a
new report from University of California researchers
suggesting that the number of people moving into the San
Francisco metro area decreased by 45% when comparing March 2020 to
September 2021. Contrarily, the number of San Franciscans moving out of the area increased by 21% in that same
period. It appears that this trend is still ongoing, in fact. Many are
reportedly still looking to move to different cities in the next few years
due to sky-high housing costs and overall price of living. [SPONSORED]
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Joint Venture’s 2021 Silicon Valley
poll
finds that 56% of respondents say that they are likely to leave the region
in the coming years with 76% identifying the cost of housing as the most
serious problem in the Bay Area. Others in the poll also included the cost
of living, homelessness and increasing frequency of wildfires and drought.
While the Bay Area has many perks from its abundance of tech jobs and being
an overall hub of food and culture, residents may be moving to cheaper
alternatives that provide the similar opportunities. Certainly, a large number of individuals who moved out of San Francisco relocated to elsewhere in Northern California, but according to an
article
by Marketwatch, there are certain cities outside of the state that may prove attractive to
people looking to leave but are accustomed to a certain lifestyle. Though
none perfectly emulate what the Bay Area has to offer, these are Marketwatch’s picks for five
cities that can replicate some of the Bay’s advantages and way of life.
What To Know About Moving To Knoxville, Tennessee
While it is not as large as Nashville or Memphis, Knoxville has a lot to
entertain its residents. Plenty of hills outside the cityscape allows for
tons of natural sightseeing and outdoor activities. A few minutes from
downtown’s Market Square–where many visit breweries or see the
Sunsphere–residents can venture to the Urban Wilderness, a 1,000-acre
wilderness area near the south waterfront. With all these attractions, the
city is still lacking in public transportation.
Typical home value on Zillow:
$285K (+26.6% from Nov 2020)
Typical home value on Redfin:
$278K (+19.5% from Dec 2020)
Cost of living:
14.5% lower than the U.S. average
The typical home values from Zillow and Redfin are from the end of
November or December but shift monthly. The cost of living is from
Sperling’s Best Places.
What To Know About Moving To Raleigh, North Carolina
As headquarters to tech corporations such as Cisco, IBM and
GlaxoSmithKline, Raleigh is also in contention for “Silicon Valley of the
East Coast.” However, it is also known as one of the
best college towns
in the nation due to being home to thousands of North Carolina State
University students. With that said, the nightlife is not one of the city’s
strengths. Residents who appreciate the culture and economy of the Bay but
prefer an otherwise small-town setting should look into Raleigh.
Typical home value on Zillow:
$396K (+28.8% from Nov 2020)
Typical home value on Redfin:
$390K (+22.3% from Dec 2020)
Cost of living:
2.3% higher than the U.S. average
What To Know About Moving To Boise, Idaho
Some are predicting Boise to be the next Silicon Valley due to its growing
economy. Although housing costs will rise once residents start moving
there, real estate is about one-third of the price in Boise compared to San
Francisco. The downside is that Boise is landlocked as opposed to the Bay
Peninsula, whose coastal economy greatly boosts the region. However, the
lack of ocean views is offset by plenty of trails, parks and hot springs.
Typical home value on Zillow: $519K (+35.6% in
Nov 2020)
Typical home value on Redfin:
$480K (+20% from Nov 2020)
Cost of living:
3.6% higher than the U.S. average
What To Know About Moving To Providence, Rhode Island
With eight colleges in the capital of Rhode Island, Providence is ranked
55th out of 150 ranked mid-size college towns according to a 2022 Wallethub
study
. In addition, Providence also has the one of the best culinary schools in
the nation in Johnson and Wales University and thus leads itself to a
diverse food scene. Its location also makes for an easy trip to Boston or
New York by ways of public transportation.
Typical home value on Zillow: $319K
(+18.5% from Nov 2020)
Typical home value on Redfin:
$355K (+18.3% from Dec 2020)
Cost of living:
5.1% higher than the U.S. average
What To Know About Moving To Minneapolis, Minnesota
For those who can handle the cold, Minneapolis has a lot to offer.
Minneapolis ranked third in Trust for Public Lands’ ParkScore ranking (San
Francisco ranked sixth). Much of that is because 98% of Minneapolis
residents live within a ten-minute walk of a park. Minnesota’s biggest city
is also a center of higher-end dining. In 2020, eight chefs and three
restaurants were named semifinalists for James Beard awards. Minneapolis is
also headquarters to Target, United Healthcare, Best Buy, 3M and General
Mills.
Typical home value on Zillow:
$321K (+5.7% from Nov 2020)
Typical home value on Redfin:
$312K (+5.8% from Dec 2020)
Cost of living:
6.5% higher than the U.S. average
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Article source: https://sfist.com/2022/01/03/moving-out-of-sf-has-accelerated-by-21-relocating-to-these-cities-in-2022-could-make-sense/