Meh, I don't like anecdotal stories presented as a trend but there is data in this story which I have bolded.
Personally, I have meet a few people that have either moved to the Bay Area from Texas(Austin or DFW) or were people that moved there and moved back, usually due to their jobs, only 1 know is out of protest of the political climate there, but again this is just my personal experience on this matter, we need more time and data to call this a thing, but still, it's interesting.
Quote:
California seeing a sizable influx of new residents relocating from Texas
SOUTH BAY NEWS
California seeing a sizable influx of new residents relocating from Texas
sanfrancisco
BY MAX DARROW
NOVEMBER 21, 2023 / 7:30 PM PST / CBS SAN FRANCISCO
SAN JOSE -- For more than a decade, the so-called "Great California Exodus" has seen residents leave the state in droves, mostly because of the high cost of living.
The pandemic only made it worse with the rise of remote work leading hundreds of thousands to head to places like Washington state, Idaho, and especially Texas.
But plenty of folks are bucking the trend and making their way to the Bay Area from other states.
There were a lot of reasons why Allison Hallas was excited to move her family to California.
The weather was one of the top ones, which has made her daily walks with her dog, Whiskey, much more enjoyable than they previously were before she moved to the Bay Area.
"I always wanted to take him on daily walks. We'd get into a habit of it for a couple of weeks - the weather would be great. But then it would be pouring down rain, tornadoes, ice, hundred-degree humidity," she said.
Hallas and her family now live in Pleasanton. They moved here from outside of Dallas, Texas, at the beginning of the year.
"We fell in love with the area," she said. "It's just gorgeous scenery. The weather is so nice."
Hallas says even though the cost of living in California was a bit intimidating, her family was ready for a change. So she found a job at a tech company in San Jose, they sold their house and headed west.
"Everything happened so fast, but it all fell into place like it was just meant to be," she said.
The typical reaction back home, when they told everyone they were moving from Texas to California?
"'What?! You're moving to California? Everybody is moving here!'" Hallas said.
The California exodus is a story that's been ongoing for several years. While it is slowing down, it is still happening. New data from the U.S. Census Bureau shows that California lost about 102,000 residents to Texas from 2021-2022. However, the numbers also show that California gained more residents from Texas than from any other state at around 42,000.
"It seemed to people like we were the only ones going the opposite way. But then oh wait, there are a bunch of people from Texas here," Hallas said.
While California is still seeing a net loss of residents per year to Texas, the data shows the number of Texans coming to California is increasing.
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https://www.cbsnews.com/sanfrancisco/new...-of-new-residents-relocating-from-texas/
Also,
Average Home Value:
Santa Clara County, CA $1,524,901-- +1.6% year-over-year
Travis County, TX----------$507,743--
-10.0% year-over-year
source: Zillow
Maybe Austin has a larger inventory? Maybe Bay Area locals are less fearful during economic ups and downs that it shakes the real estate market far less? Who knows? But during this time of uncertainty, home prices here are far less volatile.
And then there's this:
Q1 2023 Metro Area Median Weekly Wage: Information:
$7,934---San Jose-Sunnyvale-Santa Clara, CA
$6,364---San Francisco-Oakland-Hayward, CA
$5,464---Seattle-Bellevue-Tacoma, WA
$4,232---Boulder, CO
$3,882---Bridgeport-Stamford-Norwalk, CT
$3,851---New York-Newark-Jersey City, NY-NJ-PA
$3,683---Boston-Cambridge-Newton, MA-NH
$3,513---Washington-Arlington-Alexandria, DC-VA-MD-WV
$3,290---Durham-Chapel Hill, NC
$3,289---Austin-Round Rock, TX
$3,219---Denver-Aurora-Lakewood, CO
$3,202---Pittsburgh, PA
$3,013---Dallas-Ft Worth-Arlington, TX
$2,988---Los Angeles-Long Beach-Anaheim, CA
$2,975---Atlanta-Sandy Springs-Roswell, GA
$2,972---St Louis, MO-IL
$2,939---Raleigh, NC
$2,930---Chicago-Naperville-Elgin, IL-IN-WI
$2,923---Philadelphia-Camden-Wilmington, PA-NJ-DE-MD
$2,915---Ann Arbor, MI
$2,824---Baltimore-Columbia-Towson, MD
$2,783---San Diego-Carlsbad, CA
$2,729---Jacksonville, FL
$2,664---Miami-Ft Lauderdale-West Palm Beach, FL
$2,648---Charleston-North Charleston, SC
So maybe a house in Santa Clara costs $1.5M, but neighboring San Benito, which is part of the San Jose MSA too, is half the price-at $765,779(Zillow), neighboring Alameda is at $1,077,996(expensive but 30% cheaper than Santa Clara) and if they really want to pay Austin prices, the trade off is a soul crushing commute to San Joaquin($522,000) and thousands of people actually do make that awful commute.
Anyhow, food for thought.