Hundreds of thousands of residents are fleeing the biggest cities in the country during the CoVID-19 pandemic; choosing smaller towns like Austin, Phoenix, and Nashville as folks seek lower taxes and more affordable real estate in 2020.
“On Dec. 8, billionaire Elon Musk confirmed that he moved to Austin, Texas from California. And amid the pandemic — which has made it clear that many corporate people can work successfully remotely — there has been much talk among the rich and successful in cities like San Francisco and Manhattan about moving to cheaper places with a better quality of life,” reports CNBC.
“Data complied by LinkedIn analyzed the top cities that gained the most people from April 2020 to October 2020 based off of zip code changes across its 174 million U.S. based LinkedIn members. The analysis compared the inflow-outflow ratio, which is the number of inflows to a market area for every outflow, for the time period. Bloomberg was first to report the findings on Monday,” adds the website.
Read the full report here.
EXODUS: California Population Growth Plunges to Lowest Level Since 1900
California’s population growth plunged to the lowest level since 1900 in recent months; with residents fleeing the region over high-taxes, illegal immigration, crime, and homelessness.
“The number of Californians increased to 39.96 million, with new data from the Department of Finance showing mostly downward trends,” reports the Los Angeles Times. “They are rooted in fewer births, coupled with increased deaths among an aging population. The Golden State, however, has also seen changes in international migration, along with more and more residents leaving the state.”
“According to the agency, natural increase (with 452,200 births and 271,400 deaths) accounted for an additional 180,800 people to the state. Still, these gains were offset by losses in net migration — that is, the total amount of people moving into the state minus the total amount of people moving out. Notably, said Eddie Hunsinger, a demographer with the Department of Finance, even though the net international migration added to the state’s population, there was substantial negative domestic net migration, which resulted in a loss of 39,500 residents. This, said the department, marks ‘the first time since the 2010 census that California has had more people leaving the state than moving in from abroad or other states,’” adds the website.
Read the full report at the Los Angeles Times.
EXODUS: California Residents FLEE as Crime Rises, Home Prices ‘Soar’
Nearly one million residents fled California between 2006 and 2016, with thousands planning on leaving the Golden State as crime rates reach record highs and home prices continue to soar.
According to Market Watch, locals have had enough of high taxes, rampant homelessness, ‘unconstitutional’ immigration policies, and a lack of affordable housing; prompting a “mass exodus” from the west coast towards other regions of the country.
Industry experts predict an additional 3 million people will leave the state by the year 2025.
“California homeowners spend an average of 21.9% of their income on housing costs, the 49th worst in the nation, while renters spend 32.8%, the 48th worst,” writes the report.
“The median rent statewide in 2016 was $1,375, which is 40.2% higher than the national average. And the median home price was — wait for it — more than double that of the national average,” it adds.
Read the full story here.