The Bay Area is the only place where locals have higher budgets than out-of-towners
Locals had higher budgets than migrants in just three of the 34 cities included in this analysis: San Francisco, San Jose and Fremont, CA (a city in the Oakland metro), all cities where migrants and locals alike have homebuying budgets well over $1 million. The average budget for a local in San Francisco was $1.76 million in 2020, 4.1% higher than the $1.69 million average budget for out-of-towners.
