Insane to the point that residents are fleeing to other parts of the country because they can no longer afford to live there.
“Insane to the point that residents are fleeing to other parts of the country because they can no longer afford to live there.”
The story was about on elderly retired woman, who sold her home for $1 million, moved to Tennessee and bought a bigger home.
In SF her house was likely paid off, meaning no mortgage cost. Taxes in CA are based on Prop. 13 which means very low.
She could have very easily afforded to stay, but chose to leave.
The people driving up housing prices, are very highly paid workers, who moved there for the high pay.
As I stated, if the prices are too high, prices will decline. Several have posted this is not (yet) the case.
People pay a lot to live on/near the California coast. Check prices in Santa Barbara, Carmel, LaJolla, Malibu, Santa Monica, Palos Verde Penninsula etc.