Why are people on the move?

According to the U.S. Census, Americans are on the move, with 8.7% of the population changing their environment in 2022 alone. Why? There are a number of factors. The aspiration to move from renting to owning is part of everyone’s home dreams. Proximity to family is also a critical component, especially with the cost of childcare. And of course, housing affordability and the cost of living are also huge factors.

It’s interesting to note that young people and seniors are the most motivated demographics to move, and for many of the same reasons like new jobs and career opportunities. Check the numbers for additional insights.

New city. Who this?

The cost of living in California has many people on the move to new cities and new adventures. What are some of the resources you can use to get familiar with your future home?

CHIC (Pearl)

The first thing you can do before you pack a single box is check an online travel guide like Tripadvisor, lonely planet, or TimeOut. These sites are full of tips and insights for travelers, and that’s exactly what you are! You’re just staying a little longer. Speaking of which, you can check local government websites in your new city to learn about population demographics and public services like schools, transportation, and safety. It’s also a good idea to understand the city’s governance.

GEEK (Kevin)

If you’re moving to save money, you’d be wise to crunch the numbers and make sure your new city fits your current budget! You can use websites like Numbeo or Expatistan to get an estimate of the cost of living in cities you’re considering, including the current price of goods and services. Another great resource is local news. Reading the city newspaper or browsing local news websites can help you get a sense of the big issues and challenges you might face after your move.

Chic vs. Geek: How Prop 19 Actually Works

One of our clients sold his house with us and moved to a new home in Palm Springs to enjoy his retirement. We were happy to be a part of his journey in a new place. One part of that journey was understanding how changes to property tax laws thanks to Proposition 19 could benefit him in his move.

CHIC (PEARL)

With Prop 19, California homeowners can transfer the tax base of their current residence to a new residence anywhere in the state. Could you benefit from Prop 19? Visit prop19taxbreak.com for up-to-date information. One helpful feature is the graphic above that explains how the new law works whether you’re scaling down or scaling up.

GEEK (KEVIN)

It’s a good idea before you move anywhere to check the County Assessor's website where you’re planning to land so you know what to expect from property assessments and taxes. If you can take advantage of Prop 19 regulations, be sure to download this sample form. And of course, you can always ask us for tips. We’re here to help!

Chic vs. Geek: Modernize Your Move

We collaborate with Compass agents all across the country to help you find the home you’re looking for, no matter where you’re looking!

CHIC (PEARL)

Moving out of the area for family or career? With our referral network, we can help you find local agents wherever you want to call home. We’ll connect you with partners best suited for your needs, and we’ll strategize with them to get you the best value. Contact us to take advantage of the market in a different city.

GEEK (KEVIN)

By the numbers, Compass is now the largest brokerage in America in terms of closed sales volume. In less than 10 years, we’ve expanded from one office to a nationwide presence. We know that success breeds success, and our award-winning Compass agents have been named the #1 brokerage by RealTrends!

Number Talk: Bay Area Migration

As you can see from this chart, the Bay Area is experiencing net negative migration, which means more people are moving out every year than moving in. And more and more often, Bay Area residents are migrating just outside the region to adjacent counties. Why?

Well, as you might expect, affordability is the most common concern, and a longer commute is worth the savings on housing costs. But these days, there’s often a lot of two-way traffic, particularly between Alameda and Contra Costa counties.

When they move out of state, Bay Area (and California) residents mostly choose states with no income tax like Texas, Nevada, or Washington, adjacent states such as Arizona and Oregon, or states with major high-tech centers — all of which have much lower costs for housing and basic needs. At the same time, California has some of the highest income tax rates of any state in the country, and the legislature is actually considering increases on affluent residents!

Meanwhile, people moving into the Bay Area come from just about everywhere — including a significant, but declining number from other countries. Please contact the Geek for a full report.