In the early 1990s and mid-2000s, Los Angeles and other Southern California metros emerged as major origin points for households moving to DFW, reports Aaron Terrazas of Zillow Research.
The migration trend tends to increase when Southern California housing is very expensive relative to the Dallas area. Migration data are only currently available through 2014, but looking into the future, the ratio of home values in Southern California and Dallas has trended downward to 2.54 after peaking at 2.83 in 2013 (although still well above where it stood in 2000, around 1.84). This is because home values have been growing very quickly in the Dallas area – more quickly than in Southern California.
Despite recent gains, homes in Dallas remain much more affordable than home in Southern California, which may act as a natural draw for those Southern Californians willing and able to move and looking to reduce housing costs. The median home value in the Dallas-Fort Worth metro was $177,600 at the end of 2015, compared to an average of $451,300 across Southern California.