For the past few years, Real Estate Specialist Rick Fuller would start out many of his speaking engagements with the question, “How many of you know a family member or friend who has moved to the Greater Sacramento area?” As you can imagine, almost the entire room would raise their hands.
So let me pose the same question to you: do you know a family member or friend who has moved to the Greater Sacramento area? If you answered yes, then you’re probably wondering what’s so special about up North and whether you should make this transition, too. Here are some things that you should know about what we call “The California Great Migration.”
Struggles in the Bay Area
Let me first say that I love the San Francisco Bay Area. I’ve lived here my entire life (except for those four years away at college) and the weather, landscapes, and diversity are truly unparalleled. There’s a reason why countless tourists visit every year and why we’re envied across the globe. However, the Bay Area has faced many challenges in the past decade or so.
Can we just talk about the cost of living? Yikes! According to the Bay Area Council Economic Institute, “Between 2000 and 2015, CPI [Consumer Price Index] saw an increase of 78.4%, one of the fastest growing cost of living for US metro areas. During the same period, the median household income in the Bay Area saw increased from $73,000 to $103,600, a 41.9% total increase 36.5 percentage points behind CPI.
“To put things into a national context, the 2015 annual CPI for the whole nation was 237.01 and only saw a .1 percent increase from the previous year.”
Many people can’t afford to buy or rent a home in the Bay Area and are migrating to Sacramento and Placer counties for affordable housing. Even large companies and billionaires (including Oracle, Hewlett-Packard and Elon Musk) have abandoned the Golden State altogether for more affordable options.
If you’ve lived in the Bay Area for ten years or more, then you’ve also noticed an increase in traffic, an increase in the number of homeless, a decrease in school test scores, a decrease in available housing, and many other issues that affect its residents on a daily basis.
So What Makes Sacramento a Destination Spot?
Of all the places in – and out – of California, why are so many people moving up North? Glad you asked!
In the Greater Sacramento area that includes (Elk Grove, Roseville, Folsom, etc.), there are approximately 200 new home build communities that are under construction. This means that you get more options for a cheaper price. But I don’t want to fool you; demand and the prices are still crazy high compared to locations outside of California but compared to in the Bay Area, you can definitely get a newer, bigger home at a smaller price point.
COVID-19 has also encouraged more people to move out of the Bay. Many of us are able to work from home and not have to fight traffic to work in the office. Working from home has come with mixed feelings, but it has shown many that they need a designated home office and not one that is shared with homeschooling kids. This means a bigger home is needed and as we mentioned, it’s cheaper and available just 80 miles away.
Is it time for you to make the California Great Migration and go home shopping? Call the Rick Fuller Team today! They are specialists at selling your home in the Bay Area and helping you find the perfect community in Sacramento or Placer County. With offices in Antioch, Concord, Richmond, Elk Grove, and Sacramento, they work together as a team of 50+ professionals to help you every step of the way.