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Californians fleeing high cost of housing

Posted on December 6, 2016 by Community Real Estate

Source: Mercury News

For every home buyer coming into California, another three are selling their homes, packing up and moving out, according to data analysis firm CoreLogic.The trend of out-migration was also noted in a separate trio of reports released earlier this year by Beacon Economics. Beacon noted that 625,000 more U.S. residents left California between 2007 and 2014 than moved into the state. The vast majority ended up in Texas, Oregon, Nevada, Arizona and Washington.

The search for more affordable housing is sending low and middle-income workers out of the state, while higher-wage workers continue to move in, which argues against the theory that high taxes are driving people away. Home prices and rents have been rising steadily for more than four years.

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