Home for sale in Dana Point. Click photo for details.
Source: OC Register
During the first 10 months of 2016, 5,706 residents of Orange, Los Angeles, Riverside and San Bernardino counties took out loans to buy a primary residence out of state, a CoreLogic analysis of mortgage applications shows.
Lower home prices and taxes, less congestion, family ties, or a more conservative environment are luring Southern Californians to leave the state, some transplants say. But housing costs clearly are the chief factor. Southern California’s housing market is one of the most expensive in the nation, with the median house price averaging $473,000 in 2016, double the U.S. average. And the costs are even higher in Orange and Los Angeles counties, which accounted for most of the region’s out-migration. The CoreLogic study showed one out of every four Los Angeles-Orange County homebuyers moved out of their county.
About 8.3 percent moved to the Inland Empire, while 8.2 percent left the state altogether. CoreLogic’s study is just the latest in a series of reports showing California among the nation’s leaders in out-migration, trailing only New York and Illinois in net out-migration numbers. About 266,000 more people left California than moved in from other states from 2010 to 2015, U.S. Census data show. Orange County lost nearly 11,000 residents to other California counties or other states. Los Angeles County lost almost 270,000 but Riverside County offset that loss with a net gain of 66,000 people.
To be fair, that doesn’t include people moving to California and the region from overseas, which more than offsets the loss to other states in California and Orange County. It also doesn’t take into account California’s largest-in-nation population. When taking population into account, net migration to other states accounted for 0.2 percent of all residents in 2015, 24th highest in the nation.