City migration (credit: Realtor.com)
L.A., it’s not you — it’s your housing costs.
Disenchanted Angelenos, it turns out, are consistently moving to places with lower costs of living, like Las Vegas. Phoenix and Dallas are also hot second-city destinations, according to a new report from Realtor.com.
What’s so appealing about Sin City? For starters, its median home price is $260,000 — that’s less than half the price of what it is in L.A., where that figure is $657,000.
The city losing most of its residents is New York, followed by Chicago, Detroit and San Jose. L.A. is ranked fifth on that list.
(credit: Realtor.com)
On the other end of the spectrum, the cities gaining the most residents are both in Florida: Tampa and Jacksonville. They are followed by Charlotte, San Antonio and Austin.
L.A., indeed, has seen a rise in housing costs. The percentage of million dollar homes is rising at a particularly fast clip. About 16.3 percent of all homes in L.A. County now cost $1 million or more, compared to 8 percent four years ago. [Realtor.com] — Cathaleen Chen