High home prices causing Californians to flee
The New York Times 7th November edition ran an interesting article – Saying Goodbye California Sun,Hello Midwest
It basically mentioned what I’ve been telling people for nearly a year now. Once housing starts getting too expensive, people are going to start moving to cheaper places. Last year 100,000 more people left California than moved in. This is a 5 fold increase from 2001 and I guarantee is just the beginning. Since 2001, 50% of all jobs in California have been real estate related and once the market stalls, umemployed people will start moving out in droves.
The article mentions that people have already started moving to states like Arizona, Utah, Texas and the midwest states like Ohio.
I’ve been investing in Utah for a year now and the day before yesterday I had a chance to met one of my tenants. He moved from Arizona a few months ago and told me a lot of his relatives were moving out of Arizona and into Utah. They could sell their homes there and buy bigger homes in Utah for less.
Heck, I’d move to Utah too if my wife would let me!
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