In a survey presented to 13 Bay Area tech companies, nearly 60 percent of respondents said they feel underpaid, despite six figure salaries — primarily because they cannot afford buy a home.
This survey was completed by Team Blind, an app that allows (mostly tech) workers to communicate anonymously.
In late July, Team Blind asked employees from 13 Bay Area tech companies — Cisco, eBay, Intuit, Airbnb, Apple, Uber, Pinterest, LinkedIn, Intel, Oracle, Salesforce, Facebook, and Google — how they felt about salaries.
With at least 100 employees at each of the 13 companies and a total of 2,326 responses, 61 percent reported they felt underpaid.
Team Blind followed up this survey with a second survey, asking specifically if users could afford a home in the Bay Area; 59.33 percent said they can't.
The lowest and the highest
While over 50 percent of all surveyed employees say they can't afford to buy a house, employees of Cisco and eBay seem to suffer worst: 72.07 percent of Cisco respondents said they can't afford to buy a home, while 70.63 percent of eBay respondents said the same.
Even the majority of surveyed Facebook and Google employees said they struggle to own a home: 51.74 and 51.39 percent, respectively. Of the companies surveyed, these are the lowest percentages.
In May of this year, the Bay Area made news with an overall 13 percent jump in home prices. In San Francisco, that median is over $1.6 million. In the Silicon Valley, it's close to $950,000.
"According to the California Association of Realtors (CAR), only 12 percent of San Francisco households could afford a median-priced single family home at the end of 2017. In nearby San Mateo County, 14 percent of households were able to afford similarly priced homes in the area. The number was 15 percent in Santa Clara County, home of the Silicon Valley."
So, even when tech workers pull in salaries that reportedly top $300,000 annually, they still aren't making enough money to buy homes.
That kind of imbalance leads to exodus. A startling Bay Area Council survey found 46 percent of residents plan to leave the area soon.
And indeed, recent surges of Bay Area transplants in places like Sacramento, Seattle and Portland suggest they already are.
Anna Marie Erwert writes from both the renter and new buyer perspective, having (finally) achieved both statuses. She focuses on national real estate trends, specializing in the San Francisco Bay Area and Pacific Northwest. Follow Anna on Twitter: @AnnaMarieErwert