December 8, 2017
A recent U.S. census report tracking California’s population migration in 2016 reveals an interesting and perhaps disturbing trend. The report highlights two issues: first, more California residents are moving out to other states than residents of other states are moving in, and secondly, foreign immigration into California has more than made up this deficit, to continue an overall increase in the population.
Since that report came out, Paragon Real Estate points out two big wild cards are now in play, which may significantly affect these migration trends. The first is a radically different philosophy and policy approach by the U.S. government regarding foreign immigration, which may dramatically curtail foreign influx numbers in 2017 and subsequent years.
Secondly, changes to the tax code currently contemplated by the Republican-dominated Congress would almost certainly make living in the state more expensive, and also increase the difference in cost of living between California and other parts of the country.
Paragon notes, the net result could be an appreciably reduced inflow of new foreign residents and residents relocating from other states, coupled with a considerably increased outflow of existing residents.
For comments, questions or concerns, please contact Dennis Kaiser