BERKELEY, Calif. — Bay Area residents priced out of one of the nation’s most expensive housing markets are substantially more likely to become homeowners after leaving the region, but those gains often come with significant tradeoffs, including lower neighborhood incomes, lower-performing schools and greater vulnerability to climate change, according to a new report from the California Policy Lab.
The July report, “Priced Out of the Bay,” found that residents leaving the nine-county Bay Area consistently move to communities where housing is dramatically cheaper, suggesting that the region’s affordability crisis is reshaping not only where people live but who can afford to remain.
“The Bay Area continues to offer tremendous economic opportunity, but it’s also the most expensive metro in the country,” said Evan White, executive director of the California Policy Lab at UC Berkeley and a co-author of the report. “Our research shows many residents are achieving affordable homeownership elsewhere, but often at the cost of lower incomes, lower-performing schools, or greater climate risk.”…