The loss of wealth tracks with the area’s loss of population, which was also the largest in the country, as remote workers fled for less expensive locales.
The drop of $5,546, or 4.6 percent, was the largest decline by both dollar amount and percentage among the 25 most populous metropolitan areas in the country. The second highest was in the New York City area, which experienced a 4.2 percent — $3,321 — decline in median household income. The D.C. region saw a 1.4 percent drop, from $111,974 in 2019 to $110,355 in 2021.The largest jump in either direction was in the sprawling Phoenix metropolitan area, where the median household income jumped 5.
The exodus of wealth from San Francisco tracks with the area’s loss of population during the pandemic, which was also the largest in the country, as remote workers fled for less expensive locales like Miami orlike Teton County, Wyo., and as some major companies, such as Oracle and Charles Schwab, relocated their headquarters to Texas. From 2020 to 2021, San Francisco lost 54,813 people, or 6.
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