Calif.’s high home prices driving people away

Calif.’s high home prices driving people away

In a sampling of California voters, over half have said they have considered leaving the state, primarily because of the high cost of housing.

According to a new poll from the UC Berkley Institute of Governmental studies of registered voters in the Golden State, 24 percent of respondents say they have given “serious” consideration to leaving and an additional 28 percent have given “some” consideration to the idea.

Among the 52 percent who claim to have considered the notion, 71 percent claim it is the high cost of housing that is prompting them to think about relocating across state-lines. The poll found that this sentiment is shared by over 80 percent of people in their 20s and 30s.

Meanwhile, conforming no-point 30-year fixed mortgage rates are averaging 3.75 percent and 15-year rates are near 3.375 percent.

Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.Biz, social media (#AramcoReport), or over the phone at (866) 381-8888 and your questions may be featured in an upcoming article.