Many Californians Considering Other States
According to a San Francisco think tank, one-fourth of all Californians are thinking of relocating to another area, even out-of-state, due largely to the cost of housing. Significantly, half of those under 35 are seriously considering making a move. This group constitutes the state's prime labor force. Many are simply overwhelmed by the median price of a single family home: $465,000. Only 19% of California's population can afford to buy such a house. Across the board, state home prices rose 31% during the past twelve months.
Not surprisingly, many first-time home buyers and other investors are focusing on the fast-developing Greater Phoenix area, where spacious new homes can be purchased for roughly 40% of the cost of a California dwelling. And even in many parts of Hawaii (Oahu & the Big Island), median home prices are still lower than those in California.
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