12/23/2024

High Housing Costs are a Drag on California’s Economy, Report Says

“California’s most inexpensive markets are on par with the most expensive metro areas in places like Texas, while California’s most expensive markets are quickly approaching median prices of $1 million,” wrote study co-author Jordan Levine. “That is well beyond the reach of the average Californian.”

That is pushing growing numbers of workers — especially middle-income workers — to leave California for places where they may be better able to buy a house, Levine says.

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