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Is the California Dream Heading South?

California has always drawn people from all over the world. Great weather, sandy beaches, beautiful mountains, serene deserts and fertile valleys created the California dream but things might be changing

Our population only increased by 0.05% from July 1, 2019 to July 1, 2020. According to the State Department of Finance, this rate has not been seen since the early 1900's. The state only gained 21,200 bringing our new total to 39.78 million.

Despite an influx of international immigrants, California actually lost 135,600 residents as people moved out of state. 32/58 counties reported population losses. 7/10 largest counties saw more people moving out than coming in.

So....what are some of the reasons for the decline? 1) Cost of housing 2) Pandemic travel restrictions 3) Pandemic "work from home" options and 4) Corporate cost of doing business.

Tesla, Hewlett Packard and Oracle are all moving to Texas and it sounds like there are more companies exploring their options.

Home prices are still on the rise and it's hard to see this population change when the Monterey Peninsula is experiencing a very robust housing market. We'll have to see what happens in the next couple of years. Stay tuned!

Source: Cal Matters, December 17, 2020


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