Augusto Beato Expects Portland to Become Top 3 Destination for Those Leaving Bay Area

Portland resident Augusto Beato, owner of digital marketing firm Portland SEO, expects the city to soon dislodge Seattle as top 3 destinations for fleeing San Francisco residents.

The high cost of housing is causing Bay Area residents to move out, with Portland currently their fourth most popular destination, following Sacramento, Los Angeles, and Seattle.

"However, the price of the average single-family home in Seattle has gone up 12.7 percent from November 2016 to November 2017, more than twice the national average of 6.21 percent," said Beato. "But in Portland, the price of the average single-family home has gone up only 7 percent during that period."

The steady climb in real estate prices has made first-time home-buying expensive and frustrating for many newcomers in the Bay Area. Rents continued to rise year over year, especially around tech giant headquarters in Silicon Valley.

The median home price in the Bay Area is now between $1.2 and $1.4 million, according to California real estate data firm CoreLogic. Rents are also too expensive for low-earning, recent college grads.

According to data from the California Legislative Analyst's Office (LAO), it's that post-grad demographic that is moving to Oregon most frequently.

LAO's statistics show that Californians ages 18-35, with either some college experience or a Bachelor's degree, making $15,000 to $30,000 a year are the most likely to move to Oregon.