Angelenos and San Franciscans know their housing is insanely expensive, but California on the whole has some of the most expensive housing in the US, and that's driving many poor and middle-class Californians out, says a new report from Beacon Economics and released by Next 10, a nonprofit group founded by Bay Area venture capitalist F. Noel Perry (via the San Gabriel Valley Tribune). In the years between 2007 and 2014, "625,000 more people moved out of California to other states than moved into California from other states."
Three new studies show that although California has one of the highest rates of job growth in the country, its cost of housing and high-wage jobs could push lower earners out of the state as they seek someplace more affordable.
The three reports – Current State of the California Housing Market, California Migration and California Employment by Income– were commissioned by San Francisco-based nonprofit Next 10 and prepared by Beacon Economics.
Everyone knows that California has a severe shortage of housing, but studies released this week illustrate just how dire the situation has become. The three reports were prepared by Beacon Economics and released by Next 10, a nonprofit group founded by Bay Area venture capitalist F. Noel Perry. The findings suggest that Californians are finding home ownership increasingly unattainable, with middle- and lower-income earners are literally being priced right out of the state.
More people are leaving California than coming, and it is the poorest and least-educated residents who are leading the exodus, according to a new report from Beacon Economics and the independent nonpartisan organization Next 10.
California saw a net loss of 625,000 residents from 2007-2014, and 469,800 of those people did not have a bachelor's degree. The vast majority earned less than $30,000 a year, lured away to cheaper states like Texas, Oregon and Oregon.
Builders have said for years that Sacramento and California as a whole weren’t building enough new housing to meet demand. A new report released Thursday is now saying the same thing — and warns of consequences for the state's economy if things don't change.