In the past, California has been the place to live. With beautiful weather, huge jobs markets, beaches and mountains, and a wealth of culture, who wouldn't want to live there
Over the last couple of years, many factors have contributed to people leaving the state in droves. Since 2016, prices of houses of soared. Yet, rising mortgage rates and current inflation have kept people from moving in the last few years and encouraged others to leave.
"Families are paying more for food, gasoline, clothing, daycare, and other services, while their paychecks are not keeping up with the rate of inflation. In addition, housing costs have been jumping by double-digit rates over the past year, further squeezing budgets," says George Ratiu, research manager at Realtor.com.
With all these changes hitting the pocketbook of so many Californians and potential Californians, the housing market is cooling off.
Remote Work is Helping People to Leave California
The other thing that has impacted living in California is that people don't have to live in California to work anymore. Remote work that is now more available than ever before has allowed people to move to less expensive places to enjoy larger home sizes or available property.
Work from home situations has increased for so many major employers that employees have the freedom to move about the country. These freedoms will not be going away any time soon. So, the exodus has started, and the influx of new people moving to California is slowing down.
What do you think? Will the changes to people moving in and out of the state make a difference to housing prices? Share in the comments below. Also, be sure to share this story with your friends!