Yahoo Finance 6 California Cities Where Millionaires Love To Live
California has long been a state that represents opportunity, innovation, prosperity and happiness. While it has attracted the wealthy and the poor dreamers alike, it has become increasingly expensive in recent years.
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California has higher taxes, housing costs, cost of living and environmental regulations than many other states. This has led some wealthy residents to leave the state.
However, some cities are experiencing an influx of wealthy individuals and families. Here are six cities in California where millionaires are moving.
San Jose/Silicon Valley
San Jose and Silicon Valley have a large number of millionaires due to the location of many of the world’s top tech firms, such as Apple, Meta, Uber, Airbnb and Netflix. Along with employees of these top companies, wealthy tech entrepreneurs who hope to take advantage of the talent are also attracted to the area.
“Silicon Valley continues to attract millionaires,” said Seamus Nally, CEO, TurboTenant. “This area is known for being a major tech hub in the U.S., but many people have moved away from it in the past few years due to remote work options, combined with the high cost of living in the area. This has made it easier for millionaires who can afford to to move into the area with less effort needed to find housing.”
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San Francisco
San Francisco has become one of the most expensive housing markets in the country. According to Realtor.com, the median home sales price in San Francisco was $1.4 million in April 2024. With prices like that, it is telling that only millionaires can afford to buy homes in San Francisco.
With San Jose and Silicon Valley nearby, many wealthy tech employees and entrepreneurs choose to live in San Francisco for the attractions, history and culture while commuting to Silicon Valley for work. Many existing or prospective new residents are being priced out of San Francisco. The Bay area, which includes San Francisco and previously mentioned San Jose and Silicon Valley, is home to 305,700 millionaires.
Irvine
Irvine offers a mix of suburban peace and urban amenities, which can be attractive to affluent families. It attracts millionaires who want to live in a city, but don’t want to live somewhere like Los Angeles or San Francisco. Irvine also has top-rated schools, low crime rates, a strong economy and nice weather. There are over 54 miles of off-street bicycle trails and over 16,000 acres of parks, trails and natural open spaces, making it popular for outdoorsy millionaires.
“Irvine draws millionaires predominantly due to its status as a tech hub and its proximity to other economic centers in Orange County,” said Scott Beloian, broker/owner of Westcoe Realtors. “In my professional interactions, the consistent feedback is that Irvine’s well-planned city structure, top-ranked schools and robust job market make it highly attractive to wealthy professionals and their families. The city’s safety ratings and community-oriented services further cement its position as a desirable location for high-net-worth individuals looking for a permanent residence that supports both work and family life efficiently.”
Los Angeles
Los Angeles has always attracted the wealthy and those who want to be wealthy. With its mix of Hollywood glamor, over-the-top mansions, high-end shopping and a great climate, it’s no wonder that Los Angeles continues to attract millionaires. Los Angeles is currently home to 212,100 millionaires.
Santa Barbara
Santa Barbara is known for its beautiful beaches, shopping, architecture, popular art scene, Mediterranean-like climate, world-class wineries and coastal charm. It is located between the Pacific Ocean and the Santa Ynez Mountains and has beautiful weather with year-round sunshine. The rich may enjoy outdoor activities like sailing or visiting the region’s wineries. Santa Barbara is currently home to roughly 12,300 millionaires.
San Diego
San Diego has a strong economy due to its ties to the defense, technology and healthcare sectors. Millionaires in these fields may choose to move to San Diego for their work. Other millionaires may move to San Diego because of its pleasant climate, coastal views, culture and overall high quality of life. There are currently around 14,700 millionaires in San Diego.
“San Diego, known for its exceptional climate and laid-back culture, also boasts a growing tech sector,” said Andreis Bergeron, VP of sales at RedAwning. “The presence of research institutions and healthcare giants fuels real estate demand, making it a magnet for affluent professionals. An interesting anecdote is that many of our clients at Awning.com choose San Diego not just for their primary residences but often as a location for their second homes or investment properties, drawn by the high potential for rental income and property value appreciation.”
Millionaires can live pretty much anywhere they want. Many will choose where they live based on their job, local and state taxes, proximity to family and other factors. California can appeal to millionaires and non-millionaires alike for its warm climate and culture. Some people may also like California’s liberal policies. Of course, millionaires may own several homes; these in California may be just one of multiple homes they own.
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This article originally appeared on GOBankingRates.com: 6 California Cities Where Millionaires Love To Live
