Cities like LA are losing more residents than they’re gaining
Some of the costliest cities in the U.S. — looking at you, L.A. — are actually losing more residents than they’re gaining, according to a new report.
Population flow is skewing away from expensive cities such as New York, L.A. and San Francisco and towards more affordable cities such as Dallas. Those moving tend to rank lower on the income scale, according to a report by Trulia cited by the Wall Street Journal.
Between 2010 and 2014, more than 27,000 people making less than $30,000 a year moved from expensive cities to cheaper ones, Trulia’s data shows. But only 2,438 people making more than $100,000 made the same move.
Many are moving in a bid to escape the rising costs of housing, while others are moving in search of better opportunities.
“In California the cost of housing is so high. The numbers didn’t make sense, in terms of acquiring property and renting it out,” said Karim Jinnah, a real estate investor who recently made the move to Dallas from Southern California. “I couldn’t really do that in Los Angeles, but I could do that in Dallas.”