California home prices are skyrocketing and many residents are leaving the bay area. Seattle is a popular destination for the 16,000 residents who left San Francisco and the surrounding areas in the last quarter of 2017. However, for those staying in-state, Sacramento was the number one destination.
Sacramento is the state capital of California, and offers a lower cost of living than the more expensive meccas of San Francisco and Los Angeles.
The median price for a home in Sacrament is $350,000. While high, it’s nothing compared to the median $1.5 million price tag of a home in San Francisco. In Berkeley, the median home price comes in at a “more reasonable” $1 million even.
The recent changes to the federal tax code may also be helping facilitate the exodus.
“People leaving coastal hubs in search of affordability has been a consistent trend for the last five years,” said Redfin chief economist Nela Richardson. “Late last year there was a twist. Many of the popular migration paths that we saw Redfin.com users exploring yielded tax benefits along with increased affordability. We expect these trends to continue and will be monitoring them closely in 2018.”
Time To Move?
If leaving the bay area sounds like a solid plan, you aren’t alone. High taxes and home prices have caused many to seek a better cost of living elsewhere. Is Sacramento for you? What about Texas? Seattle?
In any case, City vs City can help make your decision for you. Our cost of living calculator examines your true cost of living. We compare cities at the zip code level for an accurate look at what you’re paying and what you can expect to pay elsewhere.
If you’re thinking of moving, download the City vs City app today and find out where you can get more bang for your buck.