Keep out Californians: How high home prices in California migrate into other states where Californians follow.
ByIt is well documented that the middle class of California has been migrating out of the state for well over a decade. A large part of the population growth is coming from births and foreign migration. Foreign buying of real estate has accelerated in the last decade and has helped to push prices up in many California cities. Many owners are enjoying the large gains in equity if they sell. You don’t get to enjoy that equity until you close escrow and some Californians are cashing in those lottery tickets and heading out to more affordable places. In some areas this is causing prices to increase. During the last bubble California was a big player in inflating Nevada and Arizona real estate as people were buying second homes and investment properties. This time, you are seeing people buying for long-term purposes of relocation. Not everyone is thrilled about this trend especially local families in said markets that now find themselves priced out. All this does is makes the renterfication of the country more pronounced. In Portland people are becoming active and placing anti-California stickers on real estate signs…
