AssetID: 52951715
Headline: UNCAPTIONED: More People Are Leaving California for Affordable Homes Elsewhere, Study Finds
Caption: According to a recent study from real estate website Redfin, residents of California are seeking more affordable housing in other states. Fox News reports that the Redfin analysis shows an influx of people moving to Las Vegas, Phoenix, Tampa and Orlando to find more affordable options. "The typical Las Vegas home costs less than half as much as one in Los Angeles, San Francisco or Seattle, the most common origins for buyers moving in.", "Phoenix and Tampa are the next most popular destinations. Along with Las Vegas, they’re increasingly prone to natural disasters like heat and flooding, but relatively affordable.", The same analysis found that San Francisco and Los Angeles ranked in the top 3 cities with the most people looking for out-of-state housing. At $412,000, the median home in Las Vegas costs less than a third of the median price in San Francisco, which currently stands at $1,405,500. Fox News reports that the study was based on two million Redfin users between April and June. According to another online real estate website, MyEListing.com, California lost over $340 million in IRS tax revenue in 2021 as a result of residents leaving the state. "Despite its numerous attractions, from the booming tech industry and world-class universities to beautiful landscapes and cultural richness, California's high personal income tax rates seem discouraging for many high-wealth individuals.", Redfin analysis, via Fox News "This, coupled with the state's high cost of living, will likely fuel a wealth migration out of California.", Redfin analysis, via Fox News THIS VIDEO MUST NOT BE EDITED FOR LENGTH TO COMBINE WITH OTHER CONTENT
Keywords: Housing,People,Leaving,California,Affordable,Homes,Study,Residents,Redfin,Phoenix,Las Vegas,Tampa,Orlando,Real Estate,Web,Fox News,Analysis,Data
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