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San Francisco is too expensive even for tech workers.
- The San Francisco Bay Area's housing market is so bleak, even tech workers are struggling to buy a home there.
- A survey by Blind found that 59% of employees at Bay Area tech companies said they cannot afford homes.
- Cisco, eBay, and Intuit had the highest percentage of employees who said home ownership is elusive.
In Silicon Valley, buying a home is out of reach even for the region's tech workers.
$4, an app that lets (mostly tech) workers chat anonymously about the workplace, $4. A 59% majority said they cannot afford to purchase a house in the Bay Area.
At least 100 employees at each of the 13 companies - including Apple, Facebook, Google, Salesforce, Cisco, eBay, Intuit, Airbnb, Uber, Pinterest, LinkedIn, Intel, and Oracle - participated in the survey, with a total of 2,326 responses, according to Blind.
Tech is still the single biggest economic engine of the Bay Area, but the $4 for the software engineers and product managers who fill its coffers.
The median-priced home in San Francisco sells for $4 and it's not uncommon for buyers to bid hundreds of thousands of dollars above asking and pay in all cash. As a result, only about $4 in San Francisco can afford the median-priced home.
Some tech workers fare better than others
Tech workers are often paid more than the general population, though that paycheck doesn't stretch far in the costly Bay Area.
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The median-priced home in San Francisco sells for $1.6 million.
According to Blind, Cisco had the highest percentage of employees (72%) who said they can't buy a house, followed by eBay (70%) and Intuit (65%).
People who go to work at Salesforce, Google, and Facebook may have an easier time of it. Those companies ranked lowest with 52% of Salesforce employees, 51% of Google employees, and 51% of Facebook employees reporting they can't afford homes.
Apple, which became the first company to be $4 on the public markets last week, was mixed in among startups Airbnb, Uber, and Pinterest, with 63% of employees unable to buy a house.
The Bay Area is on the brink of an exodus
As the dream of buying a home evades them, tech workers may be considering a move elsewhere.
A report from real-estate site Redfin revealed that San Francisco $4in the last quarter of 2017.
The great migration is far from over. In 2018, 49% of Bay Area residents said they would consider leaving California because of the cost of living, according to a survey of 500 residents by public-relations firm $4
They're cropping up in places like Seattle, Portland, Denver, and Sacramento, though a $4 highlights that people in the Pacific Northwest aren't exactly pleased to welcome their new neighbors as their home prices soar.
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