Homeowners Moving Out Of California
Written by: Farah Vitale
As the cost of living rises in California, people are on the move to Arizona and Texas for more affordable homes. Results from an analysis by Core Logic show people aren’t buying into the Sunny state. Between 2000 and 2015, 2½ home sellers left California for every 1 out-of-state buyer coming into the state. The study revealed that Texas, Arizona, and North Carolina have more out of state buyers than homeowners leaving.
Since 2008, the percentage of homeowners moving out of state has declined across the United States. In 2008 the average sale price for a California homeowner leaving the state was $495,000. The average price of the home they moved to is $315,0000. Homeowners are taking advantage of the cheap cost of living in Texas and sales are increasing. California is slowly becoming a travel spot rather than a hot spot for house shoppers.
Californians moving to Texas are selling their homes for an average of $510,000. The homes they are buying in Texas are an average price of $307,663. That’s a 40% price drop and quite significant for buyers looking to be closer to the beautiful beaches of California.
What about Nevada?
Although at a slower rate, studies from last year show that homeowners are increasingly moving into Nevada. Part of the attraction of Nevada is for retirees looking for warmer weather, lower taxes and lower cost of living. With the number of jobs increasing and job diversity increasing, the numbers in Nevada will keep rising. With major improvements underway, we can predict the same for Reno.
Reno is also undergoing many transformations, including new restaurants, and businesses. Reno also has a jam packed events calendar so there are always things to do around town whether it be outdoor activities, festivals or shows. The Biggest Little City is in the process of changing it’s reputation and people are noticing.
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For real estate inquiries, stop by the beautiful Montrêux Welcome Center at 16475 Bordeaux Dr. in Reno, NV or call us at 775.849.9444. The Welcome Center is open 7 days a week, from 9:00 am – 5:00 pm.
