This is terrible news – nobody wants to leave! We need volunteers – homeowners, please contact me today in order to pick up your $2 million and be on your way! Greed is good!
Jim Klinge
Klinge Realty Group
Broker-Associate, Compass
Are you looking for an experienced agent to help you buy or sell a home?
Contact Jim the Realtor!
- 682 S. Coast Hwy 101, Suite #110
Encinitas, CA 92024 - (858) 997-3801 call or text
- klingerealty@gmail.com
CA DRE #01527365, CA DRE #00873197
With the possible exceptions of Charlotte and maybe Seattle, you can keep all of the big population gaining places. The prices in those places have risen with migration, so while you still might be ahead with your cash out from California, it isn’t as dramatic as it once was. And you’d still be in places that have their own sets of issues.
Wouldn’t it be something if the big exodus is already over? It might be.
The people leaving here probably have to spend a million elsewhere to get something suitable. Remember when it was $400,000? Big difference.
This is just for the city of San Diego correct? Thought I read something a few months ago where it stated that the County of SD lost ~ 30K people from 2022 to 2023:
Year-over-year, 60% (1,876) of U.S. counties gained population, an increase from the 52% (1,649) for the previous year, the census bureau reports.
However, in San Diego County, the area did not follow nationwide trends — 30,745 more people left the region than moved into it in 2023, nearly double from 2022 which saw 15,956 more people leave than move in.
Ok good – see everyone, it’s ok to leave!
I’m bribing you with millions – greed is good!
Anyone who has a mortgage at pre-pandemic rates is looking at a rate of 7+% on their next home if they move now and aren’t going shomewhere less expensive where they can just pay cash. So maybe the people who have to spend a million elsewhere are selling for two or three million here?
selling for two or three million here?
Yes, and moving to places like this: https://www.zillow.com/verrado-buckeye-az/new-homes/
Better yet Florida here I come
https://www.zillow.com/homedetails/Crosswinds-at-Nocatee-Ponte-Vedra-FL-32081/2055723907_zpid/?utm_campaign=iosappmessage&utm_medium=referral&utm_source=txtshare
It isn’t so much the net flows as the quality of those flows.
> Analysis of the approximately 750,000 people who have bid farewell to California over the last three years has revealed that thousands more high-earning, well-educated workers have left the Golden State than have moved in.
> This is a problem — as Joel Kotkin, a fellow at Chapman University, told the Los Angeles Times — because: “People who are leaving are taking their tax dollars with them.”
> It’s a well-known fact that California has the highest state income tax in the country. For a decade, the top income tax rate sat at 13.3%, but as of Jan. 1, the top rate was increased to an astronomical 14.4% for those earning more than $1 million.
Joel Kotkin is a smart guy.
> “I’m seeing anywhere from two to five clients a month calling me and saying ‘We’re leaving,’” Todd Litman, an estate planning attorney told Sky News. “They have $1 million to $2 million sitting in their IRA and they’re saying: ‘When I retire and start pulling that IRA out, I’m going to be paying 13% state income tax, so I don’t want to do that.’ So, they’re heading out because of that reason.”
Todd is often annoying but worth enduring for his insight.
Add to this businesses leaving and there’s a lot of damage coming that the State has no ways to address. Everything I’ve seen makes vague hand waves towards flattening the State income tax system. The political third rail of all this is to continue funding our bloated government, “flattened” means the rich paying less and the middle classes paying more.
Now you know why Prop 47 was removed from the ballot.
I see that you still live here…..
Every time this topic comes up, I think of Phil Mickelson.
Remember the tirade he launched about blah blah and he was leaving California for good.
Then he talked to his wife.
They still live here.