ML-Implode News - The Californians Are Coming. So Is Their Housing Crisis

According to a recent study by Redfin, the national real estate brokerage, the budget for out-of-town home buyers moving to Boise is 50 percent higher than locals' -- $738,000 versus $494,000. In Nashville, out-of-towners also have a budget that is 50 percent higher than locals. In Austin it's 32 percent, Denver 26 percent and Phoenix 23 percent.
Frustrating as this is for prospective home buyers, the real pain is felt among low-income tenants, a quarter of whom -- about 11 million U.S. households -- are already spending more than half their pretax income on rent. As rising costs filter through the market and the rent burden gets more severe, food budgets get squeezed, families double up and the most vulnerable end up on the streets.

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The Californians Are Coming. So Is Their Housing Crisis