Phoenix capitalizing on the California real estate exodus



With rising housing costs and a constant threat for natural disasters, some California residents are relocating to other West Coast areas, such as Boise, Phoenix, and Reno, Nev., to look for a cheaper cost of living. In the second quarter, only 26% of California home buyers could afford a median-price single-family house, which was almost $600,000. As a result, 143,000 more people left the state than arrived from other U.S. locations in 2016, according to Bloomberg.

“Eventually the laws of supply and demand are going to drive people to other parts of the country,” Kelman says. “Boise isn’t five times worse than California as a place to live. But places in California are five times more expensive.” Boise is becoming an alternative to traditional havens for Californians such as Portland and Seattle that have also gotten too pricey, he says.


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