A combination of factors have given more Californians the ability to buy a home in this state, reports the Mercury News.According to new data from the California Association of Realtors (CAR), in the first quarter of 2019, 32 percent of Californians could afford to buy a median-priced, single-family home within the state.
· You can expect to sell 18.5 days faster than any other month and for 5.9 percent more money. In other places, early April or June is better for home sales than May.
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But the median sale price is much lower: $271,600, according to online real estate database Zillow. Plus, the median income here is on the rise, up from $48,154 to $50,963, which can make buying a house here more affordable for people who choose to call this city home. Check Out: top housing markets to Watch in 2019
· Millennials who put off buying their first home are skipping the starter home and going straight for the dream house. They can afford pricier homes after living with parents or by getting help.
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The solution to the problem is much more difficult. California only had 24.7 building permits issued for every 100 residents from 2008 to 2017, significantly less than the 43.7 permits for the same period nationwide, according to the report. At the current pace, the state could have a shortage of 3 million homes by 2025.
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Soon it will be joined on the track by every developer in California. could translate to off-site solar farms that would send the energy to the homes via transmission lines. This option would.
So despite their aspirational interest in real estate, many millennials can’t afford to buy a home. As more millennials begin investing, the trend toward real estate (an asset they want to own that often seems inaccessible) and cryptocurrency (an easily accessible asset that could grow in value) is likely to continue.
How much people need to work to afford what is perhaps the most iconic aspect of the American dream-their own house-varies drastically from city to city and state to state. Just as real estate values.