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Mortgage

High cost of California housing driving resident exodus

Middle-class priced out in many California markets

The high cost of living in California is forcing many California residents out of the state to find affordable housing, according to a new report from the Los Angeles Times.

According to the LA Times report, nearly 75% of those who have left California for other states since 2007 earn less than $50,000 a year. And the impact is felt more severely among lower-income residents.

From the LA Times report:

For those making $40,000 to $49,999, for instance, the net loss of population is 15,403 residents since 2007. The loss is 22,754 residents in the $30,000 to $39,999 range, then more than doubles to 46,318 residents in the $20,000 to $29,999 range.

Experts have identified the rising cost of California housing, which boasts many of the nation’s most expensive markets, as the main reason people are leaving the Golden State for greener pastures.

"It's getting harder and harder for the middle-class Californian to buy a home," said Jordan Levine, director of economic research at Los Angeles' Beacon Economics, who points to the migration trends as a major hurdle for the state's future economic growth. "People just keep looking for ways to maximize that residential dollar. That attracts people to inland areas of the state and to other states."

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