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The housing market, with rising home prices and low mortgage rates, has created happy homebuyers; but these rates are increasing, home values are pricing Americans out of entire cities and low inventory means people rarely buy their most desired home.
This is the paradox: a housing market that is simultaneously recovering and adversely affecting millions of hopeful homebuyers.
California’s Housing Future: Challenges and Opportunities, a new draft report from the California Department of Housing and Community Development reveals the existing affordable housing crisis.
- Production averaged less than 80,000 new homes annually over the last 10 years, and ongoing production continues to fall far below the projected need of 180,000 additional homes annually.
- Continued sprawl will decrease affordability and quality of life while increasing transportation costs.
- Nearly one-third of California renters—more than 1.5 million households—pay more than 50 percent of their income toward rent.
- Overall homeownership rates are at their lowest since the 1940s.
- California is home to 12 percent of the nation’s population, but a disproportionate 22 percent of the nation’s homeless population.
The need for housing that is not only available but affordable in California is paramount. As the report elucidates, the quality of life of Golden State residents is being impacted. People are being forced to remain renters, some reside in less desirable neighborhoods, many are homeless, and others are spending increasing periods of time in cars to accommodate jobs and affordable homes. Are there any winners in this scenario?
Join NAWRB at the 5th Annual OC Home Fair this Saturday, January 14th, at Chapman University!
This community event will offer homeowners, homebuyers and investors a chance to attend informative classes and sessions taught by real estate experts. Classes will cover topics such as First Time Buyers and Loans, Avoiding Costly Buyer Mistakes and Selling 101. It is important to help increase homeownership by advising and supporting potential homebuyers. In this unforgiving market, people need all the help they can get.
Come visit the NAWRB booth! We will be showcasing resources for women homeowners and answering your questions. This event is great for future homeowners and the community. You don’t want to miss it!