According to a new report by Zillow and LinkedIn, there's a good reason that thousands of technology workers are flocking to Seattle.
Tech workers who rent in Seattle can expect to have around $5,500 left over each month after covering taxes and rental housing costs, while in San Francisco, they are left with about $4,000. Zillow and LinkedIn both combined US housing and employment data to analyse a common set of priorities: an affordable rental home and a good job. The two companies used job listings data, salary data, and the percent of workers hired in the past year in three industries: health care, technology, and finance. By analysing income tax rates and Zillow's median rent data, they were able to find housing markets across the country where those workers can pocket the largest share of their income after paying rent.
Over the past decade, housing prices in coastal markets have shot up, in large part due to demand from workers following high-paying jobs. West Coast housing affordability is the worst in the nation; renters and home owners there often spend nearly half the median income to rent a typical home, while a rental in the middle of the country costs more like 25% of the median income.