In spite of the fact that California boasts some of the highest wages in the nation as well as one of the fastest rates of job growth, high housing costs are driving many people out of the state.
The Los Angeles Daily News reported Thursday that a study by Beacon Economics, a Los Angeles research and consulting firm, said 625,000 more U.S. residents left California between 2007 and 2014 than moved into the state. Many former residents ended up in Texas, Oregon, Nevada, Arizona and Washington.
The Daily News also referred to another study by Irvine research firm CoreLogic, pointing out Los Angeles County’s median price in January was $490,000, a 6.5 percent increase from a year earlier.
California’s affordable housing problem is compounded by the fact that housing is in short supply. From 2005 to 2015, permits were filed for only 21.5 housing units per every 100 new residents in the state. That put California second to last behind Alaska, where only 16.2 housing permits were filed for every 100 new residents.
In its just-released quarterly report, New Jersey mortgage information website HSH.com ranked Los Angeles as the 3rd least affordable metro area in the nation, based on the required salary needed to purchase a median-priced home in the nation’s 27 largest metro areas.
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