Some Points About Our California Housing Crisis


Reasons why we don't build enough housing in California

  • Community resistance

  • Water restrictions and lack of water to support additional population

  • Commercial development brings in more tax revenue than residential

  • Project reviews and CEQA delays discourage developers

What are the obstacles to housing in California?

  • Supply and demand create inflated prices and income doesn't have the chance to catch up

  • Mortgage rates are low but buyers can't afford to pay the inflated housing prices

  • You need a bigger down payment to qualify

  • It's hard to save that kind of cash

  • Tax reform is changing

Here are the Minimum Annual Income Needed to Buy During Affordability Peak & Now. As you can see, compared to the US, things have changed considerably in the past 7 years :

2 Qtr 2012 2 Qtr 2019 % Change

CA Single Family Home $56,320 $122,920 118.3%

CA Condo/Town House $44,440 $95,960 115.9%

SF Bay Area $90,370 $97,970 119.1%

U.S. $32,000 $56,480 76.5%

Source: Realtor Magazine

#realestatemarket #buyers #trends #mortgage #housingpreferences #affordability #firsttimehomebuyer

Coldwell Banker Realty

126 Clock Tower Place, #100, Carmel, CA 93923

831-275-0423

  • Facebook Clean
  • LinkedIn Clean

License: CalBRE#01966114

*All Rights Reserved*

Designed by Kollaborativ