In a survey of 2,326 tech employees based in the Bay Area, Blind, an app for anonymous chat about the workplace, found that well over half of them – 59% - said that they could not afford homes in the San Francisco Bay Area.
The survey covered at least 100 employees at each of 13 major tech companies - Apple, Facebook, Google, Salesforce, Cisco, eBay, Intuit, Airbnb, Uber, Pinterest, LinkedIn, Intel, and Oracle. Cisco had the highest share of employees unable to buy homes in the Bay Area at 72%, followed by eBay at 70% and Intuit at 65%.
Google and Facebook ranked lowest, with 51% of employees reporting that they were unable to afford homes. At Apple, which just recently became the first-ever company valued at over $1 trillion, 63% of employees say they cannot afford a home in the Bay Area.
The median-priced home in San Francisco sells for $1.6 million, and it's not uncommon for buyers to bid hundreds of thousands of dollars above asking and pay in all cash. As a result, only about 12% of households in San Francisco can afford the median-priced home.
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