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The California exodus worsens

Posted by The Aramco Group on Sat, Jun 16, 2018 @ 14:06 PM

Over the last decade, more than six million people moved out of the state of California. This is more than the five million people that moved in. According to a statewide study by Next 10 and Beacon Economics, the Golden State's average home price, which is nearly double the nationwide average, is directly responsible for the mass exodus.

A Trulia report shows that former Californians are choosing Las Vegas as their new home more than any other major city. More than eight percent of people who left California in the first quarter of 2017 decided Nevada's top tourist destination would be a good place to live.

As of last year the median home price in Las Vegas was $260,000 compared to $720,000 in the top California job markets like Los Angeles and San Francisco.

Today, conforming no-point 30-year fixed mortgage rates are averaging 4.5 percent, 15-year rates are near 4.0 percent and the 5-year ARM is averaging 4.0 percent.

Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.Biz, social media (#AramcoReport), or over the phone at (866) 381-8888 and your questions may be featured in an upcoming article.