Everyone knows that California has a severe shortage of housing, but studies released this week illustrate just how dire the situation has become. The three reports were prepared by Beacon Economics and released by Next 10, a nonprofit group founded by Bay Area venture capitalist F. Noel Perry. The findings suggest that Californians are finding home ownership increasingly unattainable, with middle- and lower-income earners are literally being priced right out of the state.
More people are leaving California than coming, and it is the poorest and least-educated residents who are leading the exodus, according to a new report from Beacon Economics and the independent nonpartisan organization Next 10.
California saw a net loss of 625,000 residents from 2007-2014, and 469,800 of those people did not have a bachelor's degree. The vast majority earned less than $30,000 a year, lured away to cheaper states like Texas, Oregon and Oregon.
Builders have said for years that Sacramento and California as a whole weren’t building enough new housing to meet demand. A new report released Thursday is now saying the same thing — and warns of consequences for the state's economy if things don't change.
California boasts some of the highest wages and fastest rates of job growth in the nation but high housing costs are pushing many people out of the state, according to a trio of reports released Wednesday.
The reports from Beacon Economics in Los Angeles address “Employment by Income,” the “Current State of the California Housing Market” and “California Migration.”