Bay Area

Bay Area residents ditching high cost of living and moving away

SILICON VALLEY (KRON) -- Whether it's traffic, the lack of affordable housing, high taxes or all of the above, a growing number of Bay Area home owners are cashing in and moving out.

They are trying to escape the high cost living here says Windemere Silicon Valley President Myron Von Raesfeld.

“That quality of life that was once prevalent here in the Bay Area for everybody has slowly over time has passed up the lower and middle class people and pushed them out,” Von Raesfeld.

Von Raesfeld has found a niche, advising people who are moving on. He recently helped the owners of a 40-year old bungalow in Santa Clara relocate to Texas where they bought this brand new home about 40 miles outside of Austin.

KRON4’s Rob Fladeboe spoke with Michelle and Michael Rakow via skype. “We wound up selling out and taking the money and paying off the house and buying something elsewhere the cost of living is much less expensive.”

A new study by redfin shows about 24-percent of online searches in the Bay Area are looking for a home out of state.

Among the most popular destinations are Sacramento, Portland, Seattle, Austin and other places with strong economies and lower home prices.

"There are a lot of places elsewhere that are a lot like Silicon Valley that have the same opportunities we had here at one time that cost a whole lot less to live in,” Von Raesfeld said.

Von Raesfeld says twelve consecutive clients have all moved out of state. He just sold his brother's Santa Clara home. Don and Jocyline von raesfeld are headed for Anthem, Arizona.

“The economics are such that we can sell our house for a good price and pay off the house and the capital gains and move to Arizona and purchase a house for cash,” said Don Von Raesfeld.

“It's going to be us two retired and having the best days of our lives,” said Jocyline Von Raesfeld.

With the median-priced home in the 9-county region at $775,000 dollars and over $1 million in San Jose, Joint Venture Silicon Valley found that slightly more people are moving out than moving in.

“I love it here, the people here are like a breath of fresh air,” said Michael Rakow, who moved to Texas from the Bay Area.

The Rakows sold their small but cozy 3-bedroom, 2-bath, 1,200 square-foot home on Murguia Avenue for $1.265 million.

Their new home is a 5-bedroom, 3 and a half bath, 2,800 square foot home on a quarter acre with a creek out back.

They paid a mere $230,000 dollars. There are no traffic jams and gas is under $2 a gallon. "It just equates to less stress and more time to do the things we want to do,” Rakow said. “You'd be surprised what you see out there.

You can find a place that's almost as good as the Bay Area but with a better quality of life that you might be looking for in your later years in life,” said Myron Von Raesfeld.

 

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