LinkedIn report: High cost of living in Bay Area deterring some workers

SAN JOSE, Calif. (KGO) -- LinkedIn released a report Friday saying more workers are now favoring other major metropolitan cities over the Bay Area due to the high cost of living.

"I was born here, and I can't even afford a home here myself, so I'm renting right now, and the rent is really, really high," said Michele Cordova, a San Jose resident.

Some residents say sometimes it feels like they're struggling just to survive.

"It's kind of a heavy hit, and I think even at the grocery stores, or whatever, just the basic stuff, and the cost of living is more expensive here, so that could be the problem," said Eric Wischmann, a Morgan Hill resident.

A new report by LinkedIn shows that fewer workers are moving to the Bay Area. In fact, the net number of workers moving here has dropped 17- percent since February.

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And although the region still gains more workers than it loses the study shows that many are now choosing cities like Seattle, Portland, and Denver since they're cheaper to live in.

"Now the rest of the country is a lot closer to full employment, so workers have a better option of choices of where to move to," said Guy Berger, a LinkedIn economist.

So will this have an effect on local home prices? Not likely, according to Trisha Motter a past president of the Santa Clara Association of Realtors.

"I've had some clients from Louisiana, Texas, Idaho, that have come here for job opportunities, and there is that initial shock of oh my gosh, you have to pay this much for this little?" said Motter.

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Property values will stay high because more people are staying in their homes for longer, meaning the overall inventory isn't as full as it needs to be for buyers to catch a break.

"I don't want to live in the Bay Area after I finish school. I think it's way more expensive than it kind of should be, then it's worth it," said Alicia Millet, a Rohnert Park resident.

That is leaving more workers asking if the benefits of living in the Bay Area actually outweigh the overall cost.