Real Estate: What Will California’s Mass Exodus Mean?
Californians aren’t happy. 50% of those in the Bay Area say they plan to move out of the state in the next few years. What will it mean for real estate and investors?
Fed Up
A Bay Area Council survey shows half of respondents are planning to leave the state. That’s up from 34% in 2016 and 40% in 2017. It’s not just the Bay Area either. Some have relocated and taken their businesses to Southern California, but even there many say they are fed up and will move out of state.
Among their top complaints are:
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High taxes
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High property taxes
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High housing costs
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Politics
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Homelessness
Not everyone is likely to move out at the same time. Yet, with the ability to make the same wages working remotely there is little need to fork out so much income to live in CA when you can get so much for your money somewhere else. This makes it easy for many to make the move.
Where Will They Go?
Where are all the Californians going?
According to Trulia the top states for those exiting the Golden State from include:
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New York
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Nevada
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Washington
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Texas
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Arizona
Others may choose even more affordable states like Idaho or Ohio. There they can buy not only 3 houses for the average cost of $720,000 in California, but maybe even 14 houses. Live in one, rent the rest and retire instantly with thousands of dollars in passive income coming in. Then they can still afford to visit CA when they like.
Many states and even some countries are offering big financial incentives to new residents. This can range from a few thousand a year to $100,000. This includes Vermont, Alaska and Wyoming.
What Will the Impact Be?
There are still people around the world who love the dream of moving to California. That may offset some of the losses. Many are likely to drag their feet too. If they wait until another housing market correction kicks in they may not be able to leave, or will have to just walk away from homes and have to start fresh somewhere else.
That’s likely to mean decreasing demand for property in California and some significant spikes in population growth in other cities and states.
This is a great opportunity for real estate investors. Not just for those who want to buy CA real estate and help those leaving, but to get ahead of the curve and make a substantial income selling homes and investment properties to incoming Californians elsewhere as well.
Where are you moving and investing now?
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