Travis White Newport Beach Real Estate discusses the recent trend of Californians packing up and moving to Idaho.
California is the third most expensive state in the country according to World Population Review. Unfortunately for many Californians, that means they’re being priced out of their homes, neighborhoods, and favorite cities. Travis White Newport Beach Real Estate recently discussed the increasingly popular trend of Californians moving to Idaho.
“We’re seeing what real estate experts have called an ‘echo boom,'” Travis White Newport Beach Real Estate said. “This particular echo boom involves Californians leaving the coastal state for landlocked ones.”
Travis White Newport Beach Real Estate explained that Californians are heading to inland cities, like Reno, Nev., Phoenix, Ariz., and Boise, Idaho. Boise, Idaho was recently ranked the No. 1, best place to buy a house by Wallethub. Travis White Newport Beach Real Estate described that Boise is becoming increasingly popular for its low prices, lack of infuriating traffic, lower taxes, and lesser threat of natural disasters, like wildfires. In 2018, Forbes marked Boise as the fastest growing city in the United States.
“It’s as simple as supply and demand,” Travis White Newport Beach Real Estate said. “Places in California are becoming so expensive, people are seeing moving to a less expensive destination as a way to preserve their wealth or simply live a more enjoyable life with less financial straining.”
Travis White Newport Beach Real Estate explained that the median price of a home in California is now more than $600,000. The average cost of a home in Boise is around $300,000, and this number has recently risen due to the increased demand from Golden State citizens. Californians are seeing these lower home prices as a way to enjoy more financial freedom. For many, this means a more comfortable home, more family vacations, or the ability to pay for a child’s education.
“People aren’t just moving out of California to buy homes in other, less expensive states. They’re trading California’s extremely high rent prices for drastically more affordable ones too,” Travis White Newport Beach Real Estate said.
Travis White Newport Beach Real Estate emphasized that it’s not just homebuyers that are moving out of state. Renters are finding California’s rent prices impossible to pay at times. The median rent price in some of California’s major cities can reach more than $3,500 per month, while a similar home in Boise would cost less than $1,500 per month.
“We’re seeing this new trend have an affect on home sales and purchases. However, we’re also seeing it affect landlords, as their renters are heading out of town too,” Travis White Newport Beach Real Estate said.
Travis White Newport Beach Real Estate explained that California’s high home purchase and rent prices are in part due to the high demand for housing in California. He stated that while trends are showing Californians moving to more cost-effective, the state is still seeing citizens from across the country pouring into its towns and cities.