Adding to the already high cost of living in California, the housing market is rising at an alarming rate. California home prices have doubled over the last half decade and show no signs of stopping.
Per a recent LA Times article, the housing market in California is on a tear. Homeowners who purchased their home a decade ago are now seeing prices rise like never before.
Over the last five years, the median home price in some counties in southern California have risen tremendously. In some cases, the price has doubled or more. While this may be great news for current home-owners, it’s less than ideal for potential buyers.
In a state where earning 80K may qualify you for subsidized housing, California’s cost of living is out of control. California has not been immune to the mass exodus seen in recent years. Increasingly, people are moving out of high-tax, high cost of living states and seeking refuge elsewhere. California home prices as well as high taxes are part of what’s driving this exodus.
At the same time, other states with more relaxed taxes and a lower cost of living are benefiting. Lower income residents of California frequently wind up in Texas while wealthier residents take their west coast place.
What To Do?
With the high cost of living in California, it isn’t hard to imagine moving someplace else. That’s where City vs City can help!
City vs City is a powerful app that calculates your true cost of living. If California home prices have you thinking of getting out, City vs City can show you the way. We compare your real cost of living in your current city with another city of your choosing.
Income, expenses, state and local taxes, and more are calculated at the zip code level to determine your true cost of living. Will you earn more in Texas? Spend less on rent in Kentucky? What’s the difference between San Antonio and San Jose?