Page 30 - Bloomberg Businessweek-October 29, 2018

◼ FINANCE Bloomberg Businessweek October 29, 2018

Realtor.com. Reno and Prescott, Ariz., also were man, who declined to be identified, takes offense ◀ The Renovare
popular. These housing markets are soaring while when a reporter asks if he’s one of the newcom- gated community in
Eagle, Idaho
much of the rest of the country cools. In Nevada, ers. He says he’s not one of the people coming from
where Californians make up the largest share of California bringing their politics here.
arrivals, prices jumped 13 percent in August, the big- Kyle Epperson, 22, exits the DMV, clutching new
gest increase for any state, according to CoreLogic Idaho plates for his Mitsubishi Lancer. The shaggy-
Inc. data. Nevada was followed closely by Idaho, haired college student moved from El Dorado,
with a 12 percent gain. Calif., about three months ago. Epperson, who
Nestled against the foothills of the Rocky says he leans right politically, says his mistake was
Mountains, Boise (population 227,000) has drawn waiting too long to change out his California plates:
families for decades to its open spaces and short He’s been flipped off twice. With a roommate, he
commutes. It’s been particularly attractive to shares a brand-new two-bedroom apartment that
Californians, who accounted for 85 percent of net costs him $1,100 a month. He says it’s a big upgrade
domestic immigration to Idaho, according to Realtor over the dumpy one-bedrooms he was looking at in
.com’s analysis of 2016 census data. While Boise has California for $1,500 a month.
always prided itself on being welcoming, skyrocket- For 32-year-old Wes Ferguson, who’s also at the
ing housing costs fueled by the influx is testing res- DMV to change his California plates, the decision
idents’ patience. In his state of the city speech in to move had some political elements. He relocated
September, Mayor David Bieter outlined steps to with his wife and kids to the area from outside
keep housing affordable and asked the city to stay Sacramento and ticks off what makes Boise attrac-
friendly: “Call it Boise kind, our kindness manifesto.” tive: “Very family-friendly, cheaper cost of living,
It’s especially easy for buyers who’ve sold prop- more conservative.”
erties in the Golden State to push up prices in rel- D’Agostino, the Bay Area transplant, isn’t
atively cheap places because they feel like they’re ashamed of her progressive views and is finding her
playing with Monopoly money, Kelman says. place: at the natural-foods co-op downtown, the
The median existing-home price in Ada County, Boise’s Women’s March last year, and with the vol- “It feels very 31
whose seat is Boise, was $299,950 in September— unteer group she founded to collect unused food much that
up almost 18 percent from a year earlier but still for the needy. But it was also good to get out of her Californians
about half California’s. The influx is great news for comfort zone, she says. “I can’t remember a time are bringing
people who already own homes in the area, says when it’s ever been this divided, so the fact that I high prices
Danielle Hale, chief economist for Realtor.com. can have some interaction with people who might with them”
“But if you’re a local aspiring to homeownership, it not have exactly the same beliefs as me, that’s fine,”
feels very much that Californians are bringing high she says. “As long as we can respect each other.”
prices with them.” It’s not new for politics to factor into moving
It’s not just economic disparities fueling discon- decisions—it’s just that in the age of Trump, ten-
tent. On a recent Friday morning at the Ada County sions get magnified. “What’s different now is how
Department of Motor Vehicles in Boise, an older far apart the parties are ideologically,” says Matt

Nevada and Idaho and Arizona Dreamin’

Californians’ share of real estate Median price of listings Year-on-year change in single-family
listing views on Realtor.com viewed by Californians home prices, August 2018
◼ More than 7% ◼ 5%-7% ◼ Less than 5%
PHOTOGRAPH BY ANDY ANDERSON FOR BLOOMBERG BUSINESSWEEK Las Vegas viewed by non-Californians DATA: REALTOR.COM, CORELOGIC
$395k
Reno, Nev.
36.8%
$429k
Boise, Idaho
Prescott, Ariz
Portland, Ore.
Phoenix
Seattle
Austin
Dallas
Atlanta
Median price of listings