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My guess is the housing inventory is very low, due to
1: metro CA is and has been built out.
2: (statistically) boomers, Wall Street firms, firms such as Opendoor/Redfin and individual investors buying the SFH (either Airbnb or rent it out as investments.)
3: many people who took advantage of the historically low mortgage during pandemic are not selling (“gold cutoff”) as they won’t be able to afford buying with the current mortgage rate (or not willing to move.)
All these factors also drove the rental prices going up with low inventory.
CA will always be desirable. Personally I wouldn’t read too much into the “exodus” narrative.
I just recently left California, and I can give you some ground-based points as to why, to which maybe others who formerly lived there can relate. The cost of living in California is unreasonable for middle-income workers. I've had multiple Californians say to me that under $100K a year is considered low income. I was one of those people earning under $100K a year, and it was hard to save money, and keep up with basic expenses. The cost of rent alongside the costs of homes is astronomically high. When I was house hunting, after about 3 months of not finding a single affordable home, I went directly to looking for homes in other states, with lower costs of living, price points under $300K, larger parcels of land, taxes so low they aren't even comparable to CA, and the same work salaries, that would help me save and build more equity. If you live in CA now, unless you are making six figures or more, the reality is it is a very nice place to live, but not affordable in any way.
It all depends on when you bought your home. If you bought before the big price increases you can live comfortably . If not it’s a very expensive place to live.
I just recently left California, and I can give you some ground-based points as to why, to which maybe others who formerly lived there can relate. The cost of living in California is unreasonable for middle-income workers. I've had multiple Californians say to me that under $100K a year is considered low income. I was one of those people earning under $100K a year, and it was hard to save money, and keep up with basic expenses. The cost of rent alongside the costs of homes is astronomically high. When I was house hunting, after about 3 months of not finding a single affordable home, I went directly to looking for homes in other states, with lower costs of living, price points under $300K, larger parcels of land, taxes so low they aren't even comparable to CA, and the same work salaries, that would help me save and build more equity. If you live in CA now, unless you are making six figures or more, the reality is it is a very nice place to live, but not affordable in any way.
Kudos to you for figuring this out. You made a smart decision and the rest of your life will be better for it, as you'll be able to save more and have a head start on others. Too many people cling to this state and refuse to leave, thinking other places are inferior. There are plenty of nice places to live in this country and if it makes more sense financially, more power to you (and anyone else).
What about the "fast-paced" lifestyle that many don't want, but many young Californians bring with them when they move? I do know that there is cattle ranching areas in California, and last time I knew, Chino and Mira Loma areas had dairy farming. But, then again, the high/higher paying jobs aren't in those areas. Then again, there are those that live in those areas, including Norco, that will drive down to Orange County/Irvine Spectrum or even into L.A. for work.
I was raised on a hog farm in northeastern Indiana and, after I spent some years in the Navy in San Diego and Long Beach, I decided to stay in So. California. That was in 1972. When I got interested in professional rodeo, I spent many weekends in Norco, CA. learning to rope (Team) and going to Jackpots. Back then, a military veteran could buy a house with only a dollar down and that was advertised that way. I never did, but it was available.
The highest salary I ever made, for the years I lived in So California, was $11 per hour and I made it just fine. For 21 years, being divorced/single, I rented a furnished room, my truck was pretty old, as was my horse trailer and I spent very little going out on weekend nights. I cooked where I lived and took my lunch to work with me darn near everyday. Of course that was back in the 70's/80's/90's. In 1982, I started at $5 per hour working for an electronics company in their stockroom.
Sometimes I think it's the lifestyle a person wants/desires can dictate where they live.
The cost of living in California is unreasonable for middle-income workers. I've had multiple Californians say to me that under $100K a year is considered low income. I was one of those people earning under $100K a year, and it was hard to save money, and keep up with basic expenses. The cost of rent alongside the costs of homes is astronomically high.
You're absolutely right. And it's pretty much been that way since about 2019. The last housing bubble burst in around 2008 and housing prices declined until about 2013, when they began to rise again. In the past four years, the increase has been astronomical. I can't imagine trying to find a home as a young person here today; with mortgage interest rates what they are, it's now more affordable to rent than to buy. Best of luck in your new state.
What about the "fast-paced" lifestyle that many don't want, but many young Californians bring with them when they move?
How exactly do young Californians do this? I'm really curious, because I hear this a lot, but I'm struggling to understand how a relatively few people moving into an already-established area are single-handedly making it "fast-paced" (or "liberal" or "unaffordable" etc.)
Location: East of Seattle since 1992, 615' Elevation, Zone 8b - originally from SF Bay Area
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We still have family in the Bay Area, most are living in Proposition 13 low-tax with lots of equity. Many of the adult children have left the state, some came here to Washington, though one went to Idaho, another to Arizona another to Oregon. A few now in their 30s ended up moving back with their parents. The latest had an apartment with roommates in San Francisco but they left and he couldn't afford it alone.
When we moved here in 1993 the transplants from CA were driving up prices, bringing equity. In our neighborhood 5 other families were from the Bay Area, one from Southern CA. Currently the newest neighbors moving in are from other countries, such as India and Tunisia, that lived in apartments in Redmond and now have kids getting old enough to start school. Because they have big incomes from Amazon and Microsoft, they have driven the prices up far faster than the surge of Californians in the 80s and 90s.
Well, considering the entire population of all of California, 817,000, isn't many. I guess. But, here in Henderson, we are seeing a whole lot of California license plates. Either those driving those vehicles don't register them here, which is very common today, or more California people are moving in and can't get an appointment with DMV very fast to transfer registration (like us).
Look at a map: Henderson is less than an hour from the California border. Las Vegas area has ALWAYS been a getaway destination for Californians. My husband and I, and thousands of other Californians, also often make a stop over in Las Vegas or Henderson on our way to other places, like the National Parks in Utah or Colorado. Not only that, but a lot of tourist visiting California rent cars with California plates and take the easy drive over to the Vegas area too.
So, it's a bit nutty to assume that every car you see with California plates is filled with people who've relocated to Henderson but just haven't gotten around to registering their cars. I live in California and every day I see dozens of cars with license plates from other states but I have never once thought with alarm, "oh no, all those cars must be young people moving here to make my town more expensive and fast paced who just haven't registered their cars yet!"
Also, the Las Vegas area, including Henderson, has never been some sleepy little burg that never changes; it's been one of the fastest growing places in America for decades. Heck, Henderson only was founded in the 1950's; it's ALL relatively new and it's the very definition of a fast growing, fast paced area. And guess what? People from California have been moving to Henderson since the first housing development was built there in the 1950s. That is nothing new to write home about.
It's a real heads scratcher why anyone would move there and expect otherwise or be a long term resident and complain about how it's suddenly changing from something it never was.
The truth is, no place in the world is exactly like it was 30 years ago, or even 10 years ago. Change happens. Places that don't grow or have anyone new move in eventually become places most people want to live. Growth and change is the price one pays to live in a vibrant community with the amenities most people want. And that has nothing to do with where the family buying the house next door is moving from. Change is simply part of life. Only death stops it.
And, of course, the last time I checked, America is still a free country and Americans are free to move and live any where they want, as often as they want. You, of all people, should know that, Babyboomers2.
(P.S. Since you're planning to make Reno or Carson City your next move, you should know that you'll see lots of cars with California plates there too for the same reason: California is just over the hill. Doesn't mean all those cars are people moving there. And that area is also growing rapidly. But if seeing cars with California plates and growth upsets you, maybe you should rule Reno/Carson City out for your next move. )
Gotta love how these "people are leaving CA" threads pop up every few weeks. Thing is, the overwhelming majority of these people who are moving out of California are those people who MOVED to California from wherever they are/were originally from (i.e., going home). Usually its because they couldnt cut it in the acting/entertainment fields or had roommate issues and decided to just return to their place of origin. For every person who leaves CA to go home, there are 3 people who come here.
People are ALWAYS wanting to move to California (especially here in Southern California). That will never ever ever ever change. Whether they want to escape from other parts of the country, or if they want to move here from other counties. California (especially southern CA - Los Angeles) will forever be a desired destination for people from all over the world.
Quote:
Originally Posted by wac_432
The people I know who have moved to/from California follow a pattern: Lower-income and/or larger families move out. Higher-income and/or smaller families move in.
So true. I'll also add that those who are moving TO California are those 20-30 something year olds who want to escape the heck holes they were raised in. I do know a few native southern Californians who moved out because they cashed out the home(s) their parents/grandparents passed down to them and bought super cheap full price cash in other states while stashing lots and lots of cash from the sale the the CA home(s).
Lots of people leaving and lots of people coming. It all balances out. If it didn't, we'd see more empty houses and apartments but that isn't the case. There's still a shortage of properties and will remain that way until there's more development or fewer people on the planet.
well,,,,
Quote:
Originally Posted by la times
Is there really a housing shortage in California?
The California conundrum: Fewer people, more homes, but an acute housing shortage. Homes under construction in Irvine. In the last decade, California home prices and rents have soared, an upswing that's put homeownership further out of reach and helped drive thousands into homelessness
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Thing is, the overwhelming majority of these people who are moving out of California are those people who MOVED to California from wherever they are/were originally from (i.e., going home). Usually its because they couldnt cut it in the acting/entertainment fields or had roommate issues and decided to just return to their place of origin. For every person who leaves CA to go home, there are 3 people who come here. 
