By Mike Bodeen · 23 November 2020
For those of us with sufficient age maturation who lived the 60’s and loved the music of that era, I’ve included the link to The Mamas and the Papas biggest hit ever, which arrived in 1965, titled California Dreamin.’ For my business partner and millennial son Jonathan, he might even like it, or be like the group themselves that felt it was “their worst song” ever. Here ya go!
Well, as we’ve been reporting for awhile now, many Californians are no longer wanting to “live the dream” in California.
The Phoenix Business Journal had a good article on this recently in which they shared some stats. First of all, the majority of new Arizona migrations come from California. Next, but far down the line, are Texas, followed by Washington, Utah, Colorado, Georgia and Florida.
According to the article, the Greater Phoenix Economic Council (GPEC) recently conducted a two-day survey of 533 California residents of various occupations to “gauge how many people would be interested in moving to Arizona. 56% said they had considered moving out of state this past year. Of those, 63% would consider moving to Arizona. The most common grievances with California the residents cited were high cost of living and housing.
Full Story: https://www.bizjournals.com/phoenix/news/2020/11/18/new-arizona-residents-come-from-california.html
“The average cost of a U-Haul one-way rental to San Francisco from Phoenix is only $311. Coming in the other direction the cost is $2,500…”
The Cromford Report touched on this subject the other day:
“We hear that many Californians are buying homes in the Phoenix area, which would explain why the top end of the market is so strong. Unfortunately, it is not easy to confirm this fact from the Affidavits of Value. So many out of state buyers are not putting their former address on the Affidavits as they used to. We are not sure if this is a deliberate ploy to hide the fact that are from California…
…When a similar exodus occurred in 2001 to 2004 we saw a massive increase in California addresses, but this is not visible today. However we can look to other indicators. The average cost of a U-Haul one-way rental to San Francisco from Phoenix is only $311. Coming in the other direction the cost is $2,500. U-Haul prices based on demand and supply and they have an acute shortage of moving trucks in San Francisco and a glut in Phoenix, left by the people who recently moved here. Reports from California suggest that 2 people are leaving the state for every one that arrives. They also report that it is the comparatively wealthy who are more likely to move out.”
This is welcome news for Arizona homeowners who want to see their values increase, but not good news for the rental population at large.
Market data referenced in this article comes from The Cromford Report.