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HOW HOUSING PRICES ARE DRIVING LOW, MIDDLE-INCOME FAMILIES OUT OF CALIFORNIA

HOW HOUSING PRICES ARE DRIVING LOW, MIDDLE-INCOME FAMILIES OUT OF CALIFORNIA
Source: Pasadena Star-News
High housing costs are pushing many people out of the state of California, despite higher wages and job growth, according to a new report from Beacon Economics. The report notes that 625,000 more U.S. residents left California between 2007 and 2014 than moved into the state. The vast majority ended up in Texas, Oregon, Nevada, Arizona, and Washington. Higher-wage workers continue to move in, which argues against the theory that high taxes are driving people away. Christopher Thornberg, a founding partner with Beacon, commented, “California has an employment boom with a housing problem. The state continues to offer great employment opportunities for all kinds of workers, but housing affordability and supply represent a significant problem.” In 2014, California ranked 49th in homeownership, with only 53.8 percent of homes being owner-occupied.

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