How to Make California’s Housing Crisis Work for You When You Move Out of State
Housing prices in California are leaving many unable to cover rent or property taxes based on home value. These extreme costs have led to a housing crisis in the state. However, those who choose to move out of state can take advantage of this situation to sell their homes faster and for more money.
The California Housing Crisis
As far back as 2019, Bloomberg reported on the California housing crisis when home values were double the national median price. Not enough homes to meet the needs of home buyers led to the crisis.
These high costs resulted in 41.6% of people in the state spending more than 30% of their income on housing, making them cost-burdened. Many other states, however, had much lower percentages of cost-burdened individuals. States such as Arkansas, Indiana, Iowa, West Virginia, Nebraska, and the Dakotas all had cost-burdened rates lower than 25%, indicating more affordable housing in these areas. Moving to one of these states could make housing more affordable for those who are cost-burdened in California.
In June 2021, the state reached a record high for its median housing cost of $819,630. This represents a 30.9% increase over the median value from the previous year. For those selling their homes, this means that they can get a higher return on their initial investment in the home. Those who want to move out of state will be able to afford a larger home in several other locations after selling their California homes.
Faster Home Sales
The housing crisis means that most homes up for sale don’t remain so for long. Across the state, the median time for a home to be on the market is only eight days. This time has shrunk by more than 50% compared to a year before. Therefore, if you want to move out of state and sell your California home, you can benefit greatly by getting more money and selling your home quickly.
Don’t Sell Alone: Get Help from IWanttoMoveOutofState.com
While the housing market can improve your profits from selling your home, you should have help in handling your California property and relocating to another state. Contact us at IWanttoMoveOutofState.com to make your move to another state easier.