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The Bay Area may be home to the nation’s largest cluster of millionaires, yet housing affordability remains at crisis levels, with 96% of residents naming housing costs as the region’s top concern, according to a new survey released by local think tank Joint Venture Silicon Valley.
The 2025 Silicon Valley Poll, conducted by Embold Research, found residents deeply divided about the region’s livability. Most consider it a good place to build a career, but a difficult — if not impossible — place to find affordable housing.
A majority of residents (53%) said the Bay Area is a poor place to rent, and an even greater number (69%) said it’s a poor place to buy. Even higher-income households share that sentiment: 62% of those earning $250,000 or more annually called the region a poor place to buy a home, as did 57% of current homeowners.
KEY FINDINGS
- The Bay Area’s mood is improving and fewer residents want to leave. The share of residents who believe the region is on the wrong track fell by 18 percentage points, and fewer now want to move away.
- Many have concerns about quality of life. Despite the improving mood, majorities believe the region is on the wrong track and that quality of life has declined. Residents believe the Bay Area is a good place to pursue a career but a challenging place to live.
- The costs of living and housing are the region’s most pressing challenges. Four in five describe housing affordability as a very serious problem. Most other top concerns relate to the high cost of living — the leading justification for wanting to leave the region.
- Concern over crime remains high but has dropped significantly. Among all issues surveyed, perceptions of crime have shifted the most since last year — from 50% describing it as a very serious problem to 37% this year.
- Sense of community and belonging is strong but uneven. Most residents feel safe expressing their cultural or ethnic identity, yet 20% do not, and 27% report unequal treatment due to their cultural or ethnic background.
- Nearly half of Bay Area residents are struggling financially. Forty-nine percent face difficulty covering monthly expenses while still saving money. Many from even the highest-earning households report significant sacrifices to make ends meet.
- High costs make the Bay Area a challenging place to retire. Only one-third of residents are confident they will be able to retire when they want, primarily due to the high cost of living. More than half of current retirees are just making ends meet — or worse.
- Residents are pessimistic about the country’s direction. Even as views of the Bay Area have improved, pessimism about the United States has grown. This year, 73% say the nation is on the wrong track, with sharp partisan divides.
- There is widespread concern about federal government policies that threaten the region’s edge. Three in four residents worry cuts to academic research and funding will harm the Bay Area, and two-thirds feel the same about restrictions on H-1B and student visas.
- Residents see some criticism of California’s policy approach as valid. Nearly two-thirds believe at least some criticisms of their state are valid. Even among Democrats, a slim majority concede critics may have a point.
– Information taken from 2025 Silicon Valley Poll
Overall, 4 in 5 residents (80%) described housing affordability as a “very serious” problem. That figure represents a slight improvement from last year’s poll, when even more respondents expressed the same concern.
In comparison, nearly half (46%) of residents nationwide described housing affordability as a “very serious” issue, according to a 2024 national housing survey also conducted by Embold Research.
While concerns over housing costs are high nationwide, the Bay Area remains among the regions hardest hit. San Mateo and Santa Clara rank among the top five counties in the nation with the highest median home values, and are the only regions in the state where homebuyers need to earn more than $500,000 annually to afford a median-priced home. Residents need to earn more than 2x the statewide average and about 5x the national average to buy homes here, according to data released earlier this year from both the National Association of Realtors and the California Association of Realtors.
The region’s high cost of living and homelessness also ranked among the top concerns, just below housing affordability, according to the survey.
Despite the challenges, the region’s mood is improving. Nearly half of residents (47%) say the Bay Area is on the right track — up from 29% two years ago — and fewer are planning to move away (43% this year, compared to 47% in 2024 and 56% in 2022). Among those considering leaving, the high cost of living was the top reason cited (62%), followed by housing costs (47%).
Joint Venture launched the annual Silicon Valley Poll five years ago to track public attitudes about regional issues. This year’s survey included 1,743 interviews with adults in Alameda, Contra Costa, San Francisco, San Mateo, and Santa Clara counties conducted Aug. 12–19, 2025.
