The median home price in California is $428,000 and of the five priciest housing markets in the country, four are in California, according to the latest data from the National Association of Realtors.
Because of these figures, CNNMoney staffer Kathryn Vasel reports, residents are finding it difficult to afford living in the state. "There is clearly a relationship between the migration patterns and home prices," said Sam Khater, deputy chief economist at CoreLogic. "The middle and lower middle can no longer afford to live in California."
While the tech scene has been a boon in many respects, it’s also had a negative effect. "All the gains aren't coming in support of the rest of the economy, they're coming at the expense of the rest of the economy," said Christopher Thornberg, founding partner of Beacon Economics. "Folks in the tech industry make craploads of money and they can afford to live there and will force out other people."