It will be a very long time before people like this can afford a home here (if ever), so they might as well move elsewhere. But he also touches on the perceived ‘travesty’ of property tax rules, which makes me think that the youngsters will dismantle Prop 13 once all the elderly die off.

When wealth advisor Clint McCalla, 37, lived in San Diego with his wife and kids, they loved being close to the beach and the world-class zoo.

“It was a beautiful city and great place to raise a family,” explains McCalla. “But the cost of living was far too high to justify staying.”

They were renting a house—and having trouble finding one to buy.

“Property tax rules in California are a travesty,” says McCalla. “You currently have a system that provides legacy real estate owners and investors with a disproportionate benefit relative to new buyers. Combine that with a state that has refused to build new housing in any significant way for 20 years, and it creates the problem we now see.”

That, along with income taxes, factored into the couple’s decision to leave California and move to Austin, TX, in September 2023.

Now that they’ve settled in, the McCallas couldn’t be happier with their choice.

“Almost everything costs less in Austin,” says McCalla. “Housing is the biggest savings for our family. We’ve been able to buy a wonderful home in an excellent school district with great neighbors, sunset views, and an exceedingly friendly deer population.”

Although he misses his friends and colleagues dearly, he knows the move was the right decision for his family. “I didn’t feel like we would ever be in the position to get ahead in California, with how things were trending,” McCalla says.

https://www.realtor.com/news/trends/where-wealthy-millennials-moving-to-and-from/

author avatar
Jim the Realtor
Jim is a long-time local realtor who comments daily here on his blog, bubbleinfo.com which began in September, 2005. Stick around!

Pin It on Pinterest