Housing market drawing crowds

[medako]

Lately it seems like we've had a drastic influx of relocators from areas with higher costs of living. These people (often middle age to retirees) are selling their homes for top dollar and coming here, swooping up homes for over market value and in turn, driving up the costs of homes in the area.

For example. A person could sell their home in California for $750K. The same home here would be somewhere in the $175-$200K range. People like this have no problem paying $250K+ for the home, which in turn drives up the cost of other homes in the area.

Make sense?

any other areas having the same sort of thing happen?

[lcsamano]

Since I live in California I see it happening. Many people are leaving to go to other states that have a lower housing cost. With what people are paying in California they can have a mansion somewhere else for half the cost.