According to recent data from the Census Bureau, California’s population is currently around 37 million — a 10% increase from 2000 but 1.5 million fewer than what the California Department of Finance had estimated for 2010.
The weak population growth is attributed to the Great Recession, which has affected historical patterns of migration to the West Coast. Americans who are unable to sell their homes or owe more than their homes are worth are finding it difficult to relocate. Twenty- and thirty-somethings are stuck living with their parents as they search for jobs to pay off their student loans, delaying any decision to move to California and any ability to finance the purchase of a home.
California’s unemployment rate continues to hover above the national average of 10%, around 12%.
first tuesday take: The young remain optimistic about their future and continue to prepare for an economic upswing in this decade. Delayed population growth in California is just another symptom of the Great Recession that must be suffered before the resurgence of employment, and thus home prices. [For more information regarding Generation Y homeowners, see the first tuesday article, The demographics forging California’s real estate market: a study of forthcoming trends and opportunities — Part I and Part II and the November 2010 first tuesday article, Generation Y is still chasing their dream of homeownership.]
Re: “Economic downturn disrupted migration patterns, census data show” from the LA Times
Not ONE person above mentioned, ….ILLegals peeps…. in this state that we have to feed, house, teach, educate their kids, which they don’t know anything about “Birth control” ,..care for (health),…. FREE!!!!! They do not pay Income tax, property Tax, no Car ins., not Needed!!…and we must POLICE THEM big big costs!! and thats just for starters!!….then comes prisons, courts filled with there missbehaving, and free food stampes for them all!! and …you… wonder why we are broke!!??
Boy Dianna (above) is so right on. Attempted to build in the ’07 could not believe the fees involved. It is now cheaper to buy than build and has been for several years. Brown and Boxer won’t help the mess we have here today. Their politics are not suited for a fixing anything.
One thing that wasn’t mentioned in the article were the early retiring baby boomers that sold and moved from the state before the so called great recession. Handled some of those sales myself. Now they call and tell me they took their proceeds and paid cash for the new home and took small jobs and are living happily everafter. Good for them!!
California continues down the path of no return with the return of Boxer. Jerry Brown will not help the state, he hasn’t the nerve to cut anything in large amounts. So, hat in hand California will run to the Feds for a bailout and sink deeper in debt with more strings attached for the money. Too many special interest groups, greens, laws, rules, regulations, workman’s comp fraud, unemployment, and lack of border control. The once golden state is now commie central with over 700 new laws last year taking more and more freedoms away. The population may not be going down quickly, but the smarter people are leaving for greener pastures. Who would want to move a business to California and have to deal with the Franchise Tax Board? They make the IRS look like child’s play in stealing the earnings from the hard working. How about the Public Employees stealing the state blind, along with the counties and cities pensions. To turn California around you would have to get rid of Sacramento first. A third of all people on welfare in the U.S. live in California, I rest my case.
The “Great Recession” is not the only problem involved in lack of population growth in California!!! We are, and continue to be, way over regulated on everything making the cost of essentials, permits/fees, and materials higher than most states. I am in the building business and we are unable to build for the price of foreclosures. That problem is being enlarged by new green codes and the ridiculous addition of sprinkler systems in all new homes. Our costs in California are 10-30% higher than most states due to unnecessary regulations but we continue to have more!