So as we see at the moment California is dying as a state and it is all happening very quickly.
Many of our business clients can not get renewed home insurance at a decent rate any longer.
A 1 million dollar house that had a 1500$ a year policy in he past, is now many times up to 4.000$ and if we speak about fire insurance it is a completely different story if you can get any insurance at all!.
Insurance companies are going under and moving out of California as we speak so selling houses will be even more difficult in 2024 than it has been in 2023.
If we look at different cities like San Francisco we see that stores are closing like the Whole food downtown flaggship store for instance.
But also hotels are forced to lower their summer rates for the first time in almost 100 years.
If a hotel room was 400$+ in 2019 for a single night during the summer it is now down to as low as 120$ a night.
But who wants to see homeless people shitting and pissing on the streets outside of your hotel?, nobody!.
So you do the math.
Violent crime is also ramping up in California and in LA even in Beverly hills people get robbed outside of nice restaurant’s these days.
Not to mention that home invasions are up a staggring 430% in 2022 and 2023 compared to 2020.
So it gets more and more difficult to afford a home in California and not to mention keeping yourself and your family safe in the process.
People are no longer being able to afford the California dream and that will start to show in home prices that will come down at least 30% in 2024-2025 all across California.
People are leaving towards Nevada and Las Vegas and to Florida,Texas and Nashville where you can still live on a 120.000$ a year household income.
Which is very difficult to do in California these days.
We dont see California bouncing back anytime soon, it will be at least a decade until we see things getting any better.
People with deep pockets will always be able to survive in California, but if you are working or middle class the best advice we could give you is to pack up your stuff and go elsewhere.
But always bring your pets with you, never leave them behind no matter how hard your circumstances are.
Take care guys.
Mrlifeadvise.
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