More Than Three-Fourths Of Renters In L.A. Plan On Settling Down Elsewhere, Says Study
A new study says about 76% of renters in the L.A. area don't plan on staying forever. This is higher than the national average of 64% of renters who say they plan on moving to a new metropolitan area.
The report, conducted by Apartment List (an apartment listings website, duh), indicates that L.A. is among the largest metropolitan areas with a high number of renters who want to leave in the future. Study participants listed a number of reasons for this desire. In a major non-surprise, about 49% of participants in L.A. cited the high cost of living as their primary reason for wanting to leave (personally, we'd expected the number to be higher). Meanwhile, about 18% of participants said their main reason for leaving would be for better job opportunities. And the number of people who said they're leaving because of the weather? A paltry 1.2%—just as expected. By comparison, Milwaukeeans really don't like the weather they get out there: nearly 25% of participants said it's their main motivation to bail.
While these numbers may paint Los Angeles as a way station where no one in their right mind would want to settle down in, the trend isn't all that specific to L.A.—other cities are facing the same attitudes. About 83% of participants in both San Francisco and New York City said they'd planned on leaving in the future. Participants in Chicago, Cleveland, Detroit, and Boston also hover around the 80% mark.
"In pricey East Coast and West Coast metros, renters cite affordability as the largest driver of relocation, while in inland metros — primarily located in the Midwest and South Atlantic — better job opportunities are the main factor driving renters to new locations," says the study. In the context of affordability, about 63% of participants in San Francisco say that the city is too expensive for them (compared to our 49%). And in New York City it's 53%. In terms of people finding their city to be too expensive, our percentage is similar to figures found in Seattle, Boston, Denver, and Miami. Furthermore, a higher rate of participants in San Diego said they couldn't afford the cost of living (57%), compared to figures in L.A.
And here's something that'll throw you in for a loop. While more than three-fourths of renters in L.A. say they want to leave in the future, the city has also been cited as one of the top destinations where the nations' renters want to move to next. Participants in Las Vegas, Nashville, and Salt Lake City, among other cities, cited L.A. as their preferred out-of-state destination.