Tech Flight? Are Companies Trading Pricey SF For Seattle?

Are the high office and residential rents in San Francisco pushing more tech companies and families to Seattle? A recent news report in the Seattle Times explores company and executive relocation from the Bay Area, further north to a less expensive thriving Seattle market and other cities if California.

“When you look elsewhere, the cost of living is totally different,” David Nichols, the 34-year-old CEO of Automation Resources Group, who is expecting a daughter this month, told the Seattle Times. “We bought a beautiful Craftsman home in an awesome neighborhood and that just would not have been possible in San Francisco.”

According to the Seattle Times, San Francisco’s median home value was $1.1 million and the median monthly rent was $4,547 in February 2016, the highest among the 50 largest U.S. cities. The publication cited information from Zillow.com. The cause of the boom in pricing has been rumored to be due to the highly paid tech entrepreneurs and top executives who earn enough to pay the price, but mid-level executives and startup founders often feel the pinch of the high prices.

Just outside of San Francisco, the median home values at $351,700 in Portland and $569,500 in Los Angeles. The median price in Seattle was $640,000 in March, according to the Northwest Multiple Listing Services and Zillow, the Seattle Times reported.

 

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Written by the editors, staff and interns of San Francisco Wired.

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