California has long been known as the land of opportunity. However, there are many reasons why people are leaving California and moving to other states. The housing market is one of the biggest causes of this. Home values have skyrocketed in recent years, making it difficult for middle-class families to afford a home here. In addition to housing costs, quality of life has also declined for many Californians. Take a look at a few reasons people are moving out of California.
California is one of the most expensive states in the country
The Golden State is the second most populous in America and has a high cost of living. Despite this, many people live there because they believe it offers more opportunities than other places.
However, there are signs of people moving out of California due to its sky-high cost. Because of this, many are moving to Texas instead. You need to know why this exodus is happening so that you can decide if it’s something that could happen where you live too.
Home values have skyrocketed in the last few years
The average home price in California is now $471,000. In San Francisco, it’s $1.2 million. In San Diego and Los Angeles, it’s closer to $1.6 million. That escalation can make buying a home out of reach for many people, especially younger Californians, driving some families out of the state entirely.
It’s not just the cost of housing that’s rising. It’s also the cost of living in general. The median household income in California is $60,000 – lower than it was ten years ago. And for many people, especially those living in areas with high housing costs and low wages. In other words, they’re paying more than half their income on housing alone.
It’s not just about housing costs
Besides higher home value than in other states, California has some of the nation’s highest income taxes, sales taxes, and gas taxes. High utility bills are also an issue if you drive a lot or heat your home during the winter. All these factors can add up to an expensive living experience that makes it difficult for people to save money (and too often means they’re not).
The state has one of the highest costs of living in the country. However, Californians have higher incomes than residents of other states, which helps offset some of those expenses. Unfortunately, that doesn’t always mean people can afford to live here comfortably or save money.
Quality of life is declining for many Californians
California is the most populous state in the United States. It also has some of the most prominent cities in the country, including San Francisco, Los Angeles, and San Diego. As such, it’s essential to understand how California’s economy and population are changing if you want to know what’s going on with your pocketbook or community.
California is a hub for technology, entertainment, and agriculture. California’s economy is large enough to be considered a major world economy. The state has the world’s sixth-largest economy and is one of the most diverse economies in the United States.
Many Californians are leaving in search of job opportunities
The Golden State is losing people to other states. According to the U.S. Census Bureau, California has seen its population drop by more than 1 million residents since 2010, while other states have been gaining citizens significantly.
What’s causing this? The job market in California is not as strong as it could be. This means fewer opportunities for those who want to work and make a living. In addition, many Californians are leaving because of high taxes on property and income. Also, high housing costs make owning a home difficult or impossible for large swathes of people in the state.
Moving to another state soon?
If you’re planning to move out of California soon, here’s what you should do before and after your new home is ready for your arrival.
- Consult a tax professional about the implications of an interstate move on your taxes. Income tax laws vary by state, so you must understand how your residence status will change when planning to move.
- Decide on a location for your new home. Determine how far away from friends and family members you want to be. Take time off work to plan your relocation so there will be no interruptions during the transition period.
- Contact and hire a professional moving company. Moving long distance can be complicated without professional assistance, so it’s best to join forces with experts during this time.
- Find temporary housing if necessary. In case your new home is not move-in ready, this can be a better solution.
- Create an inventory list with photographs of items being moved into storage. Make sure to declutter your inventory and decide what to move or put away.
People are moving out of California for several reasons
While the housing costs are high, many people have left California because of better job opportunities, a better climate, and overall quality of life. For example, Texas is one of the fastest-growing states in the nation. This growth is driven by its strong economy, low taxes, and reasonable cost of living. Moreover, Texas has had more jobs than it can fill since 2001!
Another essential factor to consider when deciding if you want to sell your home and move out of California is how much money you’ll need for housing. If you’re considering moving somewhere else but still want a short commute or easy access to public transportation like subways or buses, check out these top cities for affordable housing.
Summary
The bottom line is that people are moving out of California in droves. The reasons for this are numerous and complex, but at the end of the day, most people want to live somewhere where they can afford a house and have a decent quality of life. At this point, California isn’t that place – and maybe it never will be again.