California’s luxury real estate market tells a fascinating story of wealth, migration, and changing lifestyles. Between 2018 and 2023, high-income earners making $500,000+ per year reshaped the state’s housing landscape through their purchasing decisions. During this five-year period, we witnessed unprecedented shifts – record-breaking home prices, pandemic-driven relocations, and the growing influence of remote work.

From tech executives fleeing San Francisco to entertainment industry moguls reshaping Los Angeles neighborhoods, their choices reveal broader economic and social trends. The period saw luxury home values climbing faster than mid-market properties, million-dollar-plus homes comprising a record 35% of sales, and cash purchases reaching all-time highs.

What drove these decisions? Tax policy changes, evolving lifestyle preferences, and the pandemic all played crucial roles. Let’s examine how these factors combined to transform high-end real estate in the Golden State.

Statewide Overview of High-Income Homebuying (2018–2023)

High-earning households (those making $500,000 or more annually) represent a small but influential segment of California’s housing market. These affluent buyers drove a surge in the state’s high-end real estate activity from 2018 to 2023, contributing to record-breaking home prices and a growing share of luxury sales.

California’s median home price hit new highs in this period (nearly $900K by mid-2022), buoyed by demand at the top of the market. In fact, million-dollar-plus properties comprised 35% of all California home sales by May 2022 – the highest level on record. This marks a sharp rise from the prior decade when high-end sales were a much smaller portion of the market.

Affluent buyers often face less budget constraint, so even as overall sales slowed in 2022, luxury purchases remained elevated, sustaining prices at the upper end.

Luxury Price Growth

Luxury home values climbed faster than mid-market homes during this period. By late 2023, the typical California luxury home sold for around $1.17 million, up 8.8% year-over-year, compared to a 4.6% rise for non-luxury homes.

During the pandemic boom of 2020–2021, annual price growth for high-end homes spiked above 20%, roughly double the growth rate of the middle-tier market. This trend began to moderate in 2022 as interest rates rose, but by Q4 2023 luxury prices were again rising twice as quickly as the broader market.

Such outsized growth reflects how California’s wealthiest buyers remained active despite economic headwinds, often leveraging cash purchases to sidestep high mortgage costs. High-income households also benefited from robust stock market gains and built-up savings, which bolstered their purchasing power for real estate.

Regional Insights: Los Angeles, Bay Area, and San Diego

Los Angeles and Southern California

Los Angeles’ luxury housing market was a hotbed of activity for wealthy buyers through 2018–2023. High-income Angelenos frequently bought expansive single-family homes in exclusive enclaves (Beverly Hills, Malibu, Orange County’s coast) as well as upscale condos in areas like Downtown L.A. or Century City.

Many were upsizing to larger estates with amenities or investing in secondary homes along the Southern California coast. Others were downsizing from sprawling legacy properties into luxury high-rise condos for convenience, especially empty-nesters.

Impact of the “Mansion Tax”

This period also saw policy changes that directly impacted L.A.’s elite buyers: notably, Measure ULA (the new “mansion tax”) took effect in April 2023, imposing a 4% transfer tax on home sales above $5 million (and 5.5% above $10 million).

The impending tax deadline spurred a flurry of high-end sales in early 2023 and then froze much of the luxury market once the tax hit, as sellers pulled listings to avoid hefty levies. One year later, L.A.’s luxury sales volume was still sluggish, with realtors citing ULA as a key dampener on activity.

Southern California Investment Patterns

Despite local taxes, Los Angeles remained a magnet for affluent buyers seeking lifestyle and investment properties. Many high-income purchasers in SoCal acquired vacation homes in resort areas like Palm Springs or Santa Barbara. Some also bought income properties (e.g. multi-unit buildings or rental homes), aiming to capitalize on strong rental demand in the region.

Tax Considerations and Outflow

However, Southern California’s high taxes and home prices did motivate a segment of wealthy residents to consider relocating. By late 2023, Los Angeles surpassed the Bay Area as the metro area with the nation’s largest net outflow of homebuyers, driven in part by affluent households moving out.

The combination of California’s high state taxes, the federal SALT deduction cap (which since 2018 limits write-offs of state/local taxes to $10K), and rising carrying costs made some wealthy Angelenos eye lower-tax states.

Researchers found that after 2018, home price growth slowed most for expensive homes in high-tax counties like those in California. In other words, the SALT cap put a brake on parts of L.A.’s luxury market, as some owners chose to downsize or exit California to avoid the lost tax deductions.

Nonetheless, many high-net-worth buyers stayed and continued investing locally, attracted by Los Angeles’ diverse luxury offerings, climate, and economic opportunities (entertainment, tech, etc.).

San Francisco Bay Area

The San Francisco Bay Area’s housing trends for $500K+ earners were shaped by the tech industry’s fortunes and a pandemic-era urban exodus. The region’s wealthy homebuyers – tech executives, investors, and other top earners – paid top dollar for single-family homes in Silicon Valley and upscale city neighborhoods (like Pacific Heights or Atherton).

Prior to 2020, many of these buyers clustered near job centers, driving Bay Area median prices well above $1 million. However, COVID-19 and remote work drastically altered these preferences.

Tech Exodus and Migration Patterns

Starting in 2020, wealthy tech professionals fled the Bay Area in record numbers, seeking more space or tax relief elsewhere. Popular destinations included low-tax states such as Texas and Florida, meaning California lost thousands of high earners to those states.

According to one study of 2021 IRS data, California saw a net loss of 27,300 households earning over $200K in one year, while Florida gained a comparable amount. In fact, essentially all net out-migration of high-income Californians in recent years has been to states with no income tax.

Impact on Bay Area Real Estate

The effect on Bay Area real estate was striking. Far more people moved out than in during 2020–2021, leading to a surplus of homes for sale in some high-end markets. Bidding wars for luxury San Francisco condos cooled, while second-home markets like Lake Tahoe boomed as remote workers purchased vacation retreats.

This “Zoom-town” exodus drove a temporary dip in Bay Area luxury prices in 2020, followed by a rapid rebound as the wealthy who remained snapped up properties with more space. By 2021, affluent buyers were actively upsizing to larger suburban homes (in Marin, East Bay, etc.) with home offices and yards, reflecting new lifestyle priorities.

Recovery and Investment Patterns

Meanwhile, the Bay Area’s ultra-luxury sector (homes $5M+) continued to see transactions, but at a slower pace; some sellers held off amid the uncertainty. By late 2023, the situation had partially normalized – tech offices reopened, and the outflow of homebuyers was about 13% lower than a year prior – yet the Bay Area was still experiencing net high-income emigration.

High earners who stayed showed growing interest in investment properties (e.g. buying condos to rent out in San Francisco at depressed prices) and secondary homes (Napa Valley vineyards or Tahoe cabins) to diversify their real estate holdings.

San Diego and Other Regions

San Diego’s housing market also saw robust activity from high-income buyers, albeit on a smaller scale. San Diego County, known for biotech and military-affiliated wealth, witnessed increasing demand for luxury coastal properties in La Jolla, Del Mar, and Coronado.

Affluent San Diegans earning $500K+ often purchased spacious oceanfront homes or ranch estates in North County. Many were moving up to take advantage of low interest rates in 2020–2021, buying larger primary residences with coastal views or ample land.

San Diego Market Resilience

San Diego’s luxury home prices rose significantly – for example, at the end of 2018, San Diego was among the top cities for luxury price growth (average high-end sale price ~$2.96M, up 15% year-over-year).

During the pandemic, San Diego became a refuge for remote workers as well, attracting some wealthy buyers from Los Angeles and the Bay Area seeking a quieter lifestyle. This influx helped sustain high-end demand locally.

By 2022–2023, San Diego’s luxury market remained relatively strong. While overall California sales slowed with rising interest rates, San Diego’s affluent buyers were often cash-rich or willing to pay for quality of life, so price declines were modest at the top end.

San Diego Investment and Migration Trends

Some high earners in San Diego did purchase investment properties for rental income (taking advantage of the region’s tight rental market), and a few looked out of state – but San Diego did not experience out-migration on the scale of San Francisco or L.A.

Indeed, the migration patterns within California showed coastal metros losing population to more affordable inland areas and other states, yet San Diego’s losses were smaller than those of the Bay Area or L.A.

On the whole, high-income buyers in San Diego continued to acquire homes primarily for personal use (residence or vacation use in nearby desert/mountain locales), with rental or resale investment being a secondary motive.

Property Types and Purchasing Patterns of Affluent Buyers

Across California, households earning $500K+ gravitated toward specific property types between 2018 and 2023. Single-family homes were the top choice – particularly large, amenity-rich houses in prestigious neighborhoods or gated communities.

Many high earners upgraded to expansive homes with features like home offices, gyms, and outdoor entertaining space, a trend amplified by the pandemic’s stay-at-home lifestyle. Simultaneously, luxury condos and penthouses attracted those seeking lower-maintenance living, especially in urban cores.

Upscale condominium developments in San Francisco (e.g. along the Embarcadero) and Los Angeles saw increased interest from downsizing retirees and young professionals with high incomes.

The Second-Home Boom

A notable trend was the rise in second-home and vacation property purchases. With the flexibility of remote work, affluent Californians bought vacation homes at unprecedented rates during 2020–21.

Mortgage rate locks for second homes skyrocketed – in April 2021 they were up 178% year-over-year, far outpacing primary residence loans. Wealthy buyers snapped up mountain cabins in Lake Tahoe, desert villas in Palm Springs, and coastal retreats on the Central Coast.

This second-home boom was fueled by the desire for more space and recreation during COVID, as well as low financing costs. Even by mid-2021, demand for vacation homes remained over double pre-pandemic levels.

Many high-income households effectively “traded up” to owning two (or more) homes: a primary residence and a getaway property. In some cases, these second homes also doubled as investment properties – rented out part-time on the high-end rental market or via short-term rental platforms.

Investment-Focused Buying

Investment-focused buying was another pattern. High-income individuals contributed to the surge of real estate investors in 2021, when investors (including “mom-and-pop” wealthy buyers and institutions) bought a record share of homes (around 18% of sales nationally in Q3 2021).

In California, affluent buyers often purchased condos or smaller homes as rental investments, seeking to capitalize on rising rents. They could leverage cash reserves to buy properties outright or make large down payments, often beating out regular buyers.

However, by 2022–2023, as the market cooled and interest rates rose, some of this investor activity tapered off. Those who did invest tended to focus on multi-family properties (duplexes, apartment buildings) where rental yields remained attractive.

Overall, California’s $500K+ earners exhibited a “portfolio” approach to real estate – acquiring primary homes, secondary retreats, and rental properties to both enhance their lifestyle and diversify assets.

Motivations: Upsizing, Downsizing, and Lifestyle Shifts

Several key motivations underpinned the purchasing decisions of high-income buyers in this era. One driver was upsizing for lifestyle needs. During the pandemic especially, wealthy families sought larger homes to accommodate home offices, remote schooling spaces, and outdoor areas – a significant lifestyle shift.

The option to work remotely meant buyers were less constrained by commute times, so they could purchase bigger properties in suburban or rural areas (for example, Silicon Valley executives moving from cramped San Francisco homes to spacious estates in wine country).

Even pre-pandemic, many affluent Californians in their peak earning years (30s-50s) were upsizing as their families grew. The combination of rising incomes and low interest rates through 2021 allowed them to afford more expensive, larger residences.

Downsizing Trends

Conversely, downsizing was a motivation for a different subset: older wealthy homeowners. California’s baby boomers approaching retirement, even with $500K+ incomes, often chose to sell longtime family homes and downsize to luxury condos or smaller houses that offered convenience and lower maintenance.

This trend accelerated after 2021 due to Proposition 19, a state law that allows homeowners aged 55+ to transfer their low property tax base to a new home anywhere in California.

Prop 19 made downsizing more financially feasible – a senior could sell a large, high-value home and buy a pricier condo or move closer to family, while keeping most of their old Prop 13 tax savings.

For example, a retiree could sell a home assessed at $500K and purchase a $2M condo, yet under Prop 19 their tax bill would still be based largely on the original assessment. This policy change clearly incentivized some high-income seniors to relocate and right-size their homes without incurring a massive property tax hike.

Additionally, the longstanding capital gains tax exclusion on primary homes (up to $500K for couples) encouraged older affluent owners to cash out huge equity gains from the past decade’s price run-up, then downsize.

Lifestyle Priorities Beyond Size

Lifestyle priorities beyond house size also played a role. Quality of life and personal preferences (schools, climate, amenities) influenced where high earners bought homes.

For instance, some tech millionaires moved from Silicon Valley to Los Angeles or San Diego for a change in environment or to be closer to entertainment and cultural offerings. Others sought properties with specific lifestyle features – equestrian estates, vineyards, or homes with ultra-modern smart tech integration.

The pandemic triggered health and safety considerations too: private outdoor space, home gyms, and dedicated work studios became must-haves, steering affluent buyers toward properties that could meet those needs.

Tax Considerations and Macroeconomic Influences

Financial and policy factors heavily influenced high-income homebuying behavior. A major consideration was the 2018 federal tax reform – specifically the SALT deduction cap and a lower cap on mortgage interest deductions.

Starting in 2018, taxpayers could deduct only up to $10,000 in state and local taxes, whereas previously they could deduct the full amount. Given California’s high property taxes and income taxes, this cap effectively raised the after-tax cost of owning expensive homes.

Analysts observed that from 2018 onward, the growth in high-end home prices slowed the most in high-SALT areas (like California), indicating the policy had a cooling effect on the luxury market.

Tax Strategy Adaptations

Some wealthy Californians responded by shifting their strategies – for example, choosing to buy slightly less expensive homes (to reduce property tax) or seeking secondary residences in low-tax states to maximize deductions.

In extreme cases, a few high earners left California altogether to regain full tax write-offs elsewhere. Still, many absorbed the higher tax burden as the price of living in California’s desirable locales.

By 2023, there were discussions at the federal level about altering the SALT cap, which kept this issue in focus for high-income buyers planning future purchases.

Interest Rate Impacts

Interest rates and the broader economy also swayed decisions. The period 2018–2023 saw a rollercoaster in mortgage rates: rates crept up to around 5% in 2018, then plunged to historic lows (~2.65% for a 30-year) by early 2021, before surging above 7% in 2022–2023.

For affluent buyers, low rates in 2020–2021 presented an opportunity to finance jumbo mortgages cheaply, fueling a buying spree in those years. Many high-income households locked in sub-3% rates on multi-million dollar loans, significantly reducing their monthly costs.

When rates climbed sharply in 2022, it affected even wealthy buyers’ calculus: some decided to pay cash or make larger down payments to avoid big loans, while others timed purchases around rate movements. By late 2023, nearly 46% of luxury home purchases were all-cash, a record high share.

This cash trend underscores how high earners leveraged stock market gains and liquidity to remain active despite high borrowing costs.

Stock Market and Wealth Effects

Macroeconomic swings – the boom in tech stocks through 2021, followed by volatility in 2022 – also impacted this group. In 2020–21, soaring equity markets and IPOs created new millionaires and expanded budgets for housing (e.g. a tech entrepreneur cashing out stock could suddenly afford a $5M home).

This wealth effect contributed to fierce competition for luxury properties and rapid price gains. Conversely, when the stock market stumbled in 2018 and again in 2022, some high-end buyers grew cautious.

For instance, in late 2018 the combination of a market dip and global economic uncertainty led to a year-over-year decline in Bay Area luxury home sales. But overall, California’s affluent remained resilient: even as the economy cooled in 2023, consumer spending among rich Americans stayed robust, buoyed by prior savings and asset appreciation.

This helped stabilize high-end real estate demand through the end of our period.

COVID-19 Pandemic Impacts and Migration Patterns

The COVID-19 pandemic was a watershed event that reshaped high-income homebuying in California. Almost overnight, remote work became widespread, giving wealthy professionals unprecedented freedom in where to live.

Many chose to relocate out of dense cities or even out of state, seeking more space, safety, or financial advantages. California experienced a well-publicized population decline in 2020–2022, largely due to domestic out-migration.

Census data show the state lost about 0.9% of its residents to other states from mid-2022 to mid-2023, second only to New York in relative losses. High earners were a significant part of this outflow.

In particular, San Francisco and Silicon Valley saw an exodus of tech millionaires who moved to places like Austin, Miami, or Seattle during the pandemic’s peak. Companies like Oracle and Tesla relocating their headquarters symbolized this shift.

Florida and Texas, with no state income tax, drew thousands of wealthy Californians, accelerating a trend of “tax migration.” Public policy think tanks noted that essentially all of California’s net loss of high-income filers ended up in no-tax states.

Changed Housing Preferences

For those who stayed in California, the pandemic changed housing preferences. Affluent buyers showed a strong desire for larger, more secluded properties – sales of luxury homes with big yards, pools, and home offices spiked.

Coastal and rural luxury markets within California also benefited: areas like Lake Tahoe, Napa, and Montecito saw a flood of wealthy buyers from the Bay Area and L.A. snapping up second homes or permanent escapes.

Vacation-home purchases by Californians were up more than 80% throughout 2020 and into 2021, creating so-called “Zoom towns” in scenic regions. High-income families with children often left urban condos for suburban houses to cope with remote schooling and closed amenities in cities.

Urban Market Recovery

The immediate impact on urban high-end real estate was a softening – San Francisco condo prices dipped and inventory rose in 2020, as affluent owners put city units on the market to move elsewhere.

But by 2021, an interesting dichotomy emerged: while some wealthy were leaving, others took advantage of the lull to buy premium urban properties at a relative discount, betting on a post-pandemic rebound. This happened in downtown L.A. and San Francisco, where high-end condo sales picked up by late 2021 as prices stabilized.

By 2022–2023, as the pandemic effects waned, certain high-income migrants even returned. Tech companies began calling workers back on-site, prompting a modest reversal of the Bay Area exodus.

The Bay Area’s net outflow of homebuyers in Q4 2023 was roughly 26,000, about half the peak level in 2021. In practical terms, while California on net lost high-income residents over 2018–2023, the pace slowed, and many who moved within the state simply reshuffled to less dense regions.

Investment vs. Personal Use

The pandemic also influenced whether high-income buyers purchased homes for personal use versus rental investment. Early in the pandemic, uncertainty and eviction moratoria made being a landlord less attractive, so most affluent buyers were acquiring properties for their own use (primary or secondary residence).

But as rents recovered by 2022, more high earners saw opportunity in buying rental units to meet surging tenant demand when others couldn’t afford to buy.

In summary, COVID-19 profoundly shifted high-end buyer behavior – spurring migration, altering property priorities, and in some cases accelerating decisions (either to buy bigger homes or to cash out and relocate).

Preferences for Eco-Friendly and Smart Homes

California’s well-heeled homebuyers increasingly showed preferences for sustainable design and smart-home technology in 2018–2023. Environmental consciousness has grown, especially in tech-centric regions, and luxury real estate began reflecting that.

Surveys indicate that roughly 76% of luxury homebuyers prioritize green features in their custom homes. Many high-income buyers actively sought out houses with solar panels, energy-efficient appliances, LEED certifications, and sustainable building materials.

This dovetails with California’s push for green housing – for example, as of 2020 the state requires solar panels on most new homes. Affluent buyers not only complied with such standards but often went further, installing backup batteries, grey-water systems, and advanced climate control systems in their residences.

Eco-friendly homes were seen as both a responsible choice and a mark of modern luxury. Indeed, homes with green features have been shown to command a price premium (up to 10% higher) due to their desirability and lower operating costs.

Smart Home Technology Adoption

Smart-home technology also became a must-have for California’s wealthy homeowners. From AI-powered security systems to whole-home automation, high-end buyers expect cutting-edge tech integration.

Features like voice-controlled lighting and thermostats, smart appliances, and networked entertainment systems are now standard in many luxury properties. One industry survey found more than half of homebuyers would pay extra for in-demand sustainability and tech amenities.

High-income individuals, often early adopters of technology, outfitted their homes with everything from smart irrigation (to save water) to EV charging stations in the garage for their electric cars. The pandemic likely accelerated interest in smart-home tech as well, with buyers valuing touchless features and advanced air filtration for health reasons.

Market Response to Green Preferences

In practice, luxury home listings in California increasingly highlighted features such as solar power with battery backup (for resilience during outages), EV-ready garages, and Energy Star certified appliances.

Builders of custom estates reported that eco-conscious design was a top request from wealthy clients. This trend mirrors California’s broader culture of sustainability and the tech industry’s influence.

In short, by 2023 a modern California luxury home was as much defined by its Tesla Powerwall and automated smart controls as by its granite countertops or ocean view. Green living and smart convenience became integral to the high-end lifestyle.

Comparing 2018–2023 to the 2008–2017 Decade

The homebuying behaviors of California’s high-income households in 2018–2023 showed several notable shifts compared to the previous decade (2008–2017). Firstly, the market context changed drastically: the 2008–2012 period was defined by a housing crash and recession, during which even affluent buyers were cautious or took advantage of distressed sales.

In contrast, 2018–2021 saw an unprecedented housing boom where high-end buyers often faced fierce competition and rapidly rising prices. For example, in the early 2010s, a $500K+ earner could find luxury bargains in California as prices were depressed; by the early 2020s, they frequently engaged in bidding wars even for multimillion-dollar homes.

The share of $1M+ home sales roughly doubled between the two decades – from under 15% of sales around 2010 to over 35% by 2022 – underscoring how much the market moved upscale.

Evolution of Buyer Motivations

High-income buyers’ motivations and choices also evolved. In 2008–2017, before remote work was mainstream, affluent Californians were largely tethered to job centers (Silicon Valley, Hollywood, etc.), so they bought primary homes near those hubs and perhaps traditional vacation homes.

By 2018–2023, remote work and changing lifestyles enabled far more flexibility. Upsizing to large suburban estates, or conversely moving out of state while keeping a California pied-à-terre, became viable in a way it wasn’t before.

The pandemic’s influence in 2020 marks a stark dividing line: nothing in the prior decade mirrors the sudden urban flight and second-home buying frenzy seen in 2020–21. While high earners have always bought second homes, the scale and speed of the vacation-home boom during COVID was unprecedented (nearly double the pre-2020 demand).

Policy and Tax Environment Differences

Tax and policy factors also differ. The SALT cap and Prop 19 changes (both effective after 2018) had no parallel in the 2008–2017 era. Pre-2018, a California buyer could deduct unlimited state taxes and mortgage interest up to $1M loan, making the cost of an expensive home relatively lower than it would be later.

Post-2018, wealthy buyers faced new limitations, which likely contributed to the outflow of some high earners after 2018 that was not seen to the same extent earlier. Indeed, California’s net migration of high-income households in the early 2010s was relatively flat, whereas after 2018 it turned decisively negative.

The last decade also didn’t have a catalyst like COVID prompting large numbers of wealthy Californians to experiment with living in places like Texas or Nevada for tax reasons – that trend accelerated in the late 2010s into the 2020s.

Shifting Home Preferences

In terms of home preferences, today’s affluent buyers are more focused on technology and sustainability, as noted, whereas in 2008–2017 those features were more niche. A luxury buyer in 2010 might have prioritized traditional markers of opulence (size, location, view), while a 2023 luxury buyer is just as likely to ask about solar panels, a home automation system, or proximity to private outdoor space.

This shift reflects broader societal changes in awareness and innovation over the decade. Additionally, demographics have shifted: more millennials entered the high-income bracket by the late 2010s, bringing different tastes than older generations.

Market Dynamics

Finally, market dynamics differed: The 2008–2017 period included years of high inventory and buyer’s market conditions (especially 2009–2011), allowing high-income buyers to be choosy and often purchase below asking price.

In 2018–2023, inventory was chronically low and it was mostly a seller’s market – for instance, in 2021, nearly two-thirds of homes received multiple offers, and even luxury homes sometimes sold above list price (a scenario almost unheard of a decade prior).

This meant the strategies of high-income buyers changed: they had to act faster, bid more aggressively, and in many cases waive contingencies or pay cash to secure properties in the recent market. The rise of investors in the 2010s (Wall Street firms buying homes post-crisis) versus the rise of individual remote-worker buyers in the 2020s also marks a shift in who the competition is at the high end.

In summary, compared to 2008–2017, the 2018–2023 period saw California’s affluent homebuyers operating in a far more heated market environment, with new external forces (tax laws, a pandemic, remote work) reshaping their decisions. The result was a significant reconfiguration of where and what types of properties high earners bought, setting the stage for a transformed luxury housing landscape in California.

References

1. May home sales and price report – California Association of Realtors
2. Luxury Home Prices Hit All-Time High As Record Share of High-End Buyers Pay Cash – Redfin
3. Luxury Home Prices Jump as Affluent Buyers Dodge High Rates – Redfin
4. The year of the ‘mansion tax’: Hundreds of millions raised, but a chill to L.A.’s luxury market – Los Angeles Times
5. The Impact of the State and Local Tax (SALT) Deduction Cap on U.S. Home Prices – Office of the Comptroller of the Currency
6. California and New York Saw Exodus of High Earners in the Pandemic – Wealth Management
7. Where Are Californians Going When They Leave the Golden State? – Public Policy Institute of California
8. San Francisco Is Coming Back: Homebuyers are Leaving the Bay Area at Half the Pandemic-Era Rate – Redfin
9. Redfin’s Q4 2018 Luxury Report: Prices Up, Sales Down – Redfin
10. Americans Moved to Low-Tax States in 2023 – Tax Foundation
11. Demand for Second Homes Is More Than Double Pre-Pandemic Levels – Redfin
12. Investor home purchase share at an all-time high in 2021 – First Tuesday Journal
13. Downsizing – Property Tax Savings – Kim Caterino Napa Realtor
14. Current Mortgage Rates: See How Today’s Rates Compare – Business Insider
15. California Housing Affordability Tracker (4th Quarter 2024) – California Legislative Analyst’s Office
16. Investor Home Purchases Post Biggest Increase in Two Years – Redfin
17. Shaping California Future with Eco-Friendly Luxury Custom Homes – Construct Elements
18. California Solar Mandate For Installing Solar Panels in 2025 – GreenLancer
19. The Future of Luxury Living: Smart Homes – Joyce Rey, Realtor