Real estate prices have Californians considering relocation

Almost a quarter of all Californians say the cost of housing in their part of the state is forcing them to seriously consider moving to another part of California or out of the state altogether, according to a new survey by the Public Policy Institute of California.

Nearly all Californians – 94 percent – perceive that home values have been increasing in their region, with 84 percent saying they have increased a lot in recent years. But the survey also found that more than 75 percent of adult Californians are concerned the state's cost of housing will prevent the younger generation in their families from buying a home in their region of the state.

"Californians understand the economic value of our hyper real estate market, but they also feel the pinch of high prices," said Mark Baldassare, PPIC's statewide survey director.

A majority of Californians – 55 percent – view the availability of affordable housing as a big problem in their region today, placing it just below traffic congestion as a regional concern.

While 76 percent of Californians said the value of their homes has increased a lot in recent years, most homeowners are not confident that they could buy another home given the current market, according to the survey. About 23 percent said it is very likely that they could find a home they could afford and would want to buy in their part of California, and 30 percent said that possibility was somewhat likely.

About 86 percent of California renters hold onto the hope of becoming homeowners someday, but only 18 percent believe it is very likely they will find a home they can afford. About 49 percent said it is somewhat likely.

The survey's findings are based on telephone interviews with 2,502 California adult residents. Interviews were conducted in English, Spanish, Chinese, Korean or Vietnamese.

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