California on verge of collapse. Everyone is leaving.

California's housing market and economy is on the verge of collapse in 2024. With a huge surge in the number of people leasing the state and a rise in unemployment as a sign of things to come.

One reason why people are leaving California is because of the home prices. The cost of buying a house in Los Angeles, in a "cheaper" city like Carson, is over $700,000.

This puts homebuyer monthly payments in California at around $5k-$6 per month. A level most buyers cannot afford.

Another issue in California is the politics. 43% of you said that Politics is the worst aspect of California in a poll that had over 15,000 votes. The politicians in California continually make new rules and laws that make the state worse and push people out.
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[ReventureConsulting]

It was pretty shocking meeting the locals in SoCal over the last week.

Almost universally - without prodding - most mentioned how they wanted to leave or knew people who wanted to leave. Everyone agreed that the California exodus was still occurring and would continue.

This surprised me, as I expected by now there would be a slowdown in people moving out. But not so.

Head to www.reventure.app to track migration data for your county, metro, and state. In 2023, California lost -197k people. What will it be in 2024 and beyond?

The migration data point is under "Investor Metrics" and comes with an premium plan.

[sarawilliam]

Because so many people overpaid for homes even while loan rates were low, I believe there will be a housing catastrophe because these people are in debt. If housing costs continue to drop and, for whatever reason, they can no longer afford the property and it goes into foreclosure, they have no equity since, even if they try to sell, they will not make any money. I believe that many individuals will experience this, especially given the impending mass layoffs and rapidly rising living expenses.

[jf]

Not EVERYONE is leaving. Free-loaders and homeless are pouring in.

[nicolasbenson]

Great video! For 2024, it’s hard to nail down specific predictions for the housing market is because it’s not yet clear how quickly or how much the Federal Reserve can bring down inflation and borrowing costs without tanking buyer demand for everything from homes to cars.

[riveneva]

I moved to California about 12 years ago for a job. I lived just north of Los Angeles in Ventura county. Absolutely gorgeous out there. I was making pretty good money with an IT job. Life was good and I had high hopes for the future. I rented with plans to save up and buy a house.

It finally dawned on me that the people who got here years earlier owned all the property, and recent transplants like me had no chance of ever owing a house. House prices increased faster than my salary did. The California dream was already sold out to the highest bidder.

Meanwhile, the politicians in Sacramento keep coming up with ways to extract more and more money out of the citizens. Higher taxes, new taxes and fees, forcing people to buy EVs while outlawing anything that burns gasoline - the costly ideas and plans just keep coming.

Even though I wasn’t able to buy a house here, I was able to buy a house in a semi-rural area in another state with a 2.5 acre wooded lot. The land itself is surrounded by forests. The mortgage payment costs less than the rent payment on the 640sq ft one bedroom apartment where I lived in Ventura county. Insanity.

Renting a moving truck to leave California is also insanely costly. A 26’ u-haul truck rental costs about $6, 500, IF you can find one. Instead, for a little more money - I bought a 7’x16’ cargo trailer instead. The guy at the trailer place told me he was selling lots of trailers to people that were moving away. I can sell the trailer later and recoup some money.

The California dream is dead to anyone that wasn’t here early enough to buy housing when it was cheaper. California has to be headed into an economic crash sooner or later once enough people get priced out and move away. The middle class has no chance here.

Sacramento politicians are trying to devise ways to keep taxing people after they’ve left, arguing that they haven’t really left. I guess they need the tax revenue and will do anything to get it.

I’ll be leaving here in the fall. I’m done.

[tangobayus]

Not everyone. The mania for "owning a home" is part of the problem. You don't own a home until you make the last payment, and then you can lose it to tax liens. In the meantime, you spend a lot of time and money working on your "home."

[FloridaFoodForest]

The government of California has ruined the beautiful state of California

[DonaldMark-nese]

I believe investors should focus on under-the-radar stocks, especially given the present rollercoaster nature of the stock market. 35% of my $270, 000 portfolio consists of collapsing stocks that were previously respected, and I don't know where to go from here.

[tatersquad]

The worst part is, the people leaving are business owners and skilled workers and others with the means to leave. In other words, law-abiding taxpayers. Uh oh.

[alpgeorge]

I’m a new dad, I moved from Tampa to Santa Clara a few years ago and I’m thinking of purchasing a single family home there, but with real estate prices currently through the roof, is it still a good idea to buy a home or should I invest in stocks for now and just wait for a housing market correction? Looks like NVDA, TSM and AMD and AVGO are strong buys this week.

[StevenAbbott]

The only thing that kept me in California until I was 50 was my Grandmother. When she left this world I left California.

[heatherchaplin]

All the people leaving are the ones paying taxes but freeloaders are still flooding in. Who is gonna have the money for those handouts?

[billscott]

Born in 1952, grew up there, saw the writing on the wall, got out in 1995.

[jevasjunkbox]

I grew up in Hawthorne (about 20 mins NW of Carson) and my parents sold their house in 97 for $199k. Today, Zillow still values the house over $1m. One thing you need to keep in mind, just cos a house appreciates 7x what was originally paid, the secret to the “California Dream” is that everyone lives off the equity and is not uncommon for ppl to refi every few years to pay for everyday life. The reason so many ppl are now leaving is because all the equity dried up and no one qualifies for a refi.

[Sir-Gerlad]

I've called California home since 1982. Lived in LA and San Diego. I am now closing on a new construction home in AZ next week. Done with California politics. I thought there was hope when we tried to recall Gavin. Nope. Can't understand why people continue to vote for politicians that make it unlivalble here. My immediate family and most of my relatives live in California so it was not an easy decision to move.

[jennifertang]

Born in Southern California lived there until 7 months ago. At the age of 51 left all I knew to move to a new state and live out in the country. I don’t miss California at all.

[jamesdelap]

Home owners keep voting FOR more regulation. . .And then bitch about em while pocketing the proceeds on their way out.

[elultimo]

At least five years ago, 53% wished they could leave the state. It must be worse now.

[ronyesek]

I lived in San Diego up until I was 20 years old and I felt like I had to move out of California. I love the culture, weather, geography, etc. Everyone I know and love lives in California but I just didn't see myself going anywhere or making any progress. One of the worst feelings for me was trying to become an independent adult but being stuck and stressed. I know there are a lot of young adults like me that feel the same way and it is truly sad because most of us would have loved to stay in Cali if it weren't for the politics, housing market rise, or overall cost of living.

[marshallhennington]

As a resident of California all my 60 years I can share with you that if you are a renter out here there is a high probability that you will always be a renter. If you did not inherit property or come into a Boat load of money you are screwed! You will always financially struggle out here. So unless you want to keep struggling I suggest you look at better options because the cost of living out here is only going to get worse!!