Californian Exodus Changing the Real Estate Map
While the real estate recovery is well underway, new trends are changing which areas are most likely to see the most growth, appreciation and hold the biggest profits for investors.
This week the news headlines highlighted the ongoing mass exodus from California. Over the last couple of decades almost 3.5 million individuals have fled the state according to the U.S. Census Bureau. Experts and surveys put this down to a search for more affordable real estate, a cheaper cost of living, better government and more business friendly environments.
A recent study reveals that those fleeing the Golden State are mostly heading to Texas, Nevada, Oregon, Arizona, Washington, Idaho, Georgia, Utah, Colorado and South Carolina. It can also be assumed that these states are also the beneficiaries of immigration from other regions as well for the same reasons.
As the real estate recovery picks up and depending on who wins the election and what is done in terms of taxes on the highest income earners and easing burdens on small business we will also see more migration between states and countries.
If things don’t turn for the better soon, this could even mean more talent, entrepreneurs and wealthy individuals leaving the U.S. for residency elsewhere.
Savvy real estate investors will be watching these trends and migration figures. Will there be more equity growth and real estate investing volume to be found in more affordable states with lower unemployment rates and will popular international cities like San Francisco, Miami and New York see a trend in even smaller housing units used by those simply jetting in to visit family and sign deals while keep the majority of their wealth and larger estates offshore?
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