Bay Area Residents Flock to Sacramento for Lower Housing Prices
Sacramento has become the top destination for those looking to escape traffic congestion and sky-high real estate prices in the tech-savvy Bay Area, according to a Mercury News report.
Every year, as many as 20,000 Bay Area residents are settling in cities between Davis and Sacramento. Many of these residents escaping Silicon Valley still hold jobs in the region, which has business leaders talking about a “megaregion” encompassing both Silicon Valley and the state’s capital. While many workers make the commute to work, some Bay Area companies — including Health Sherpa and Fantag — have opened up offices in Sacramento to give employees and the company a cheaper place to work. With so much influx from the Bay Area, the report says Sacramento was the fastest-growing big city in California in 2016.
The median home price in Sacramento is $300,000, which is less than half of the median price in Oakland and a third of the median price in San Jose.
The increasing migration of Bay Area residents to Sacramento has also spurred development and investment in Sacramento’s downtown, which was once notoriously empty. The Downtown area is now home to fancy condo buildings, a new sports arena, and plenty of trendy restaurants.