California bleedin'
Golden State dwellers flee the big cities.
Hello Financial Healers,
We’ve heard of Californians fleeing to Texas and Florida, but we haven’t explored which Golden State cities are losing the most people. Here’s an interesting chart, which depicts the outflow from Cali’s largest population centers:
You’ll notice that 7 out of the 10 most populous cities have decreased in population.
San Francisco, for instance, is in the lead with a staggering loss of - 6.3%. San Jose is second with - 2.7%. Long Beach is in third with -1.87%.
The common pattern I see in each of these areas is expensive real estate. (Some of the locations have homes costing over $1 million.)
Although there will always be a market for large population centers, the notion that people have to move to big cities is over. When gas, food, and utilities drain the bank, families will relocate to more affordable areas.
What do we do?
If you feel led to leave the city, take some time to pray. Several of my clients are contemplating this decision. I’ve even had one employee relocate up north to save on rent.
Moving is a challenge, and I encourage everyone to consider all options before making this choice. So get alone with God. See what’s best for your family, but consider… sometimes the hardest decisions are what’s best for your finances.
God bless your Prosperous Soul,
Stephen K. De Silva
About: Stephen K. De Silva is an author, speaker, and financial coach. From 1995 until 2017, he served as the CFO of Bethel Church, and a member of the senior leadership team. Stephen’s unique experience, training, and gifting make him a pioneer in the subject of money. You can reach Stephen at hello@stephenkdesilva.com