Bay Area newcomers had a median annual household income of about $70,000, while those leaving had a household income of $57,400, according to the study. About 60 percent of the newcomers had at least a four-year college degree, while about 50 percent of the outgoing residents had that level of education.
You forget the Bay area magic. Incoming 70k from a cheaper state means it magically changes to 1.5-2x here since they probably took a higher paying tech job, no?
I read that as their income in CA is $70k. I don’t know anyone that gets 1.5-2.0x higher pay just to move t the Bay Area. Many of us that leave get the same pay in the new location.
Could be possible, starting to get that feel like in HK, Shanghai, etc where a 1M flat rents for only $1000. Prohibitively expensive to buy versus rent unlike today where buying actually works out in the long run.
It’s possible. 10MM buys you a single family house so that developer can build 10 story condos. SWEs would buy a 1000 SF condo instead. Condo price may stay the same as today excluding inflation.