Bay Area movers relocate where homes are much cheaper

Home values are based on the neighborhood (Census tract) a person lived in just before/after moving. We use the 2019 and 2024 American Community Survey's 5-year estimates of self-reported home values. These data cover most of our study period but do not include recent changes in Bay Area real estate since 2024. Estimated differences in home values come from a regression specification that controls for individual and move and time effects as well as a quartic of the person's age. The "before moving" period refers to the quarter just before a person moved, while the "after moving" period refers to the quarter immediately after a person moved. The sample consists of individuals in the UC-CCP who moved within or from the Bay Area between 2015 and 2019. The data are inflated to 2025 Q4 dollars.
Chart: California Policy LabSource: California Policy Lab analysis of UC Consumer Credit Panel (UC-CCP) and American Community Survey dataGet the data Download image