It, truly, is hard to believe the degree of discrepancy in home prices throughout the US. Are you aware that you can own 6 homes in Texas compared to owning 1 in California, with comparable square footage and features? If you were to compare San Francisco to San Antonio, for example, the difference in home prices is astonishing – San Antonio's average home price of $237,500 is about one-sixth of a comparable home in San Francisco!
Zillow shares a shocking statistic from their September 2018 index: the median price for a single-family home in California, as a whole, comes in at a whopping $549,000, while the median price of a single-family home in Texas is $277,062. That translates into half of what the same home home would cost in California. When you compare city-to-city, the median price becomes even more shocking. With the four largest cities in California – Los Angeles, San Diego, San Jose, and San Francisco – it is San Diego that gets the dubious honor of having the 'lowest' median price for homes – a mere $848,500. San Francisco offers the highest median home price at a whopping $1,400,000.
If we take Dallas, which is higher-priced when compared to other major Texas cities, and compare the average price of a single-family home in the Big D ($415,000) to the average price in San Francisco ($1,400,00) it becomes clear: one could buy three homes in Dallas compared to one home in San Francisco, with a hunk of money left over!
Texas and California are two of the largest states in the union; and the average Californian faces higher costs-of-living than the average Texan. The Massachusetts Institute of Technology tracks living-wage calculations for cities and states across the US. A living wage is defined as income needed to meet basic needs that include food, clothing, housing and medical care. According to its 2017 figures, an individual in California must generate 23.8% more income to earn a living wage than an individual in Texas.
When it comes to population growth and business opportunities, Texas continues to make headlines; and it's no wonder since affordable housing is a huge draw for those who desire a new home without breaking the bank. Californians moving to Dallas find they can purchase what would be considered a million-dollar home in their west-coast state for around $400,000 in the Big D. The allure of more property for much less money in Texas has become enticing for many.
The US Census Bureau tells us that California experienced a net loss of over 138,000 people due to domestic migration during a 12 month period that ended in July 2017. During that same 12-month period, Texas had a net increase of more than 79,000 people. Christopher Thornberg, founding partner of the Los Angeles-based research and consulting firm, Beacon Economics, states very simply: “Housing is the chief reason people are leaving California.” Data from United Van Lines indicates that out of the five states that have become the most popular moving destinations for Californians, Texas is at the top of the list.
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