People are leaving Silicon Valley for Texas and other states

Mercury News:
The heart of the nation’s tech sector, the astronomically expensive Santa Clara County, leads the state in residents looking to move out of town, a new report found.

Using property searches and census data, analysts at realtor.com found that a larger share of residents are leaving Santa Clara County — home to tech behemoths Google and Apple — than any other county in California. Nearby San Mateo County, where Facebook is headquartered, came in second, just ahead of Los Angeles County.

“They’re looking for affordability and not finding it in Santa Clara County,” said Danielle Hale, chief economist for realtor.com.

The Bay Area has long been a costly place to live, but a tight housing supply paired with an unprecedented economic boom pushed rents and real estate even further out of reach for all but the most affluent residents. Low- and middle-income families and younger workers unable to find apartments or houses they can afford have been forced further afield, a trend that has led to ultra-long commutes and perennially clogged freeways.
...
Instead of staying put, many Santa Clara County residents are decamping for Alameda, Sacramento, San Joaquin or Placer counties, looking at homes that are $509,000- $894,000 less than the Santa Clara median price of $1.28 million or leaving the state altogether and moving to Arizona, Nevada, Idaho or Texas for even better deals.
...
The top out-of-state destinations for the South Bay exodus are the areas in and around Phoenix, Arizona; Reno and Las Vegas, Nevada; Austin, Texas; and Boise, Idaho — where homes are $750,000 to $965,000 less than the typical property in Santa Clara.
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There is more.

Those paying the premium prices for homes in Silicon Valley are getting less home for their money than they get in states like Texas.   One of the unfortunate side effects is that they are driving up the price of homes in cities like Austin.  This has led to growth in other Texas communities.

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