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Where are California’s Homebuyers Migrating?

Californians are migrating to Las VegasHomeowners and buyers migrating from the expensive coastal California markets are finding their ideal abodes in a mix of large metropolitan areas like New York, less expensive Sun Belt markets like Las Vegas, or high job-growth centers like Dallas according to a study by Trulia that examined where people leaving the pricey California markets were migrating.

For the report, Trulia looked at housing markets in San Francisco, San Jose, Los Angeles, and San Diego where homes on the market in March 2017 averaged $720,000 compared to the national average of $250,000. It also examined the rank of these destination markets compared with California markets, focusing on the first six months of 2016 on the assumption that those who moved in the first quarter of 2017 were likely ramping up their home search in that period.

The study found that top migration destinations for Californians included large metros like New York, Atlanta, and Chicago, as well as Sun Belt markets like Las Vegas and Phoenix. Homeowners migrating to new cities also found a lot to look forward to in high-growth job centers like Seattle, Denver, Dallas, and Portland, Oregon.

Though New York registered the highest median listing price of nearly $440,000 among the top 10 markets for migrating Californians, it was still less expensive than coastal California, the report said.

Among destination cities, Las Vegas, Nevada topped the list of destinations where people migrated from coastal California, with 8.1 percent of Californians migrating there. For those accustomed to the coast and large cities, New York, New York’s allure had 7.3 percent migrating across the country to the Big Apple. Phoenix, Arizona in the Sun Belt came a close third with 7 percent migrating to this city in the first quarter of 2017.

Dallas, Texas; and Seattle, Washington rounded off the top five destinations that Californians migrated to during the period.

Other destinations to make it to the top 10 list were Portland, Oregon; Atlanta, Georgia; Houston, Texas, Chicago, Illinois; and Denver, Colorado.

About Author: Radhika Ojha

Radhika Ojha, Online Editor at the Five Star Institute, is a graduate of the University of Pune, India, where she received her B.A. in Commerce with a concentration in Accounting and Marketing and an M.A. in Mass Communication. Upon completion of her master’s degree, Ojha worked at a national English daily publication in India (The Indian Express) where she was a staff writer in the cultural and arts features section. Ojha also worked as Principal Correspondent at HT Media Ltd and at Honeywell as an executive in corporate communications. She and her husband currently reside in Dallas, Texas. You can contact her at Radhika.Ojha@theMReport.com.

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