- VP, Membership & Marketing @ BiggerPockets
- Thousand Oaks, CA
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Wild stats about the California housing market
New analysis from the US Census Bureau sheds light on how extreme things have become in California versus national averages.
*The majority of California residents move from renters to buyers at age 47. National average is 36. In 2009, most Californians bought at 41.
*Median home price in LA County is now $880K, more than double the national median of $435K.
*Only 17% of LA households earn the minimum income needed to afford a typical $5500 monthly payment.
*California's home ownership rate is only 56% versus the 66% national average. New York lands at 54%.
I'm based in California, and I've been fortunate enough to purchase. It's getting harder and harder to buy in this state, and I worry it will get worse before it gets better. What do we tell families in their 30s who are thinking about buying?
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#1 All Forums Contributor
- Real Estate Consultant
- Summerlin, NV
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#1 All Forums Contributor
- Real Estate Consultant
- Summerlin, NV
I grew up in Cupertino and bought my first home in milpitas 2 homes in Palo alto
and lastly lived up in the Napa Valley ..
CA has ALWAYS been like this it seems when I wanted to buy my first house Cupertino was 100k and milpitas was 80k so I bought there ( brand new shapel home :)
generally once you get your foot in the door you use equity to move up.. larger down payments because of said equity to keep montly payments the same depending on rates.. But once you leave CA its hard to get back thats for sure.
- Jay Hinrichs
- Podcast Guest on Show #222
