Posted on 03/15/2015 6:27:28 PM PDT by artichokegrower
California median home prices have risen by $120,000 in the last three years, once again putting them out of reach of most households in the state.
The median sales price for homes in California - the middle-priced home in a ranked list - was $393,000 in January 2015, according to real estate tracking firm Zillow.com.
A household would need to make about $78,000 a year to reasonably afford a home at that price, assuming a 20 percent down payment. Almost two thirds of the state's households make less than $78,000, according to the U.S. Census Bureau.
The household income needed to afford a median-priced home ranges from $27,000 in the farming town of Tulare to $442,000 in the Silicon Valley town of Palo Alto.
(Excerpt) Read more at sacbee.com ...
What $390,000 buys you in Dallas/Ft Worth:
http://dallas.craigslist.org/search/rea?minAsk=380000&maxAsk=399000&bedrooms=3
The median where I live in MA is $800,000.00-——insane.
( I live in a condo—sold my home some time ago).
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My late aunt lived in Santa Ana. Years ago she bought her house for $50,000 and thought it was overpriced. She’d be turning over in her grave if she saw home prices there today.
We have at least a half-dozen "little Detroits" now in the formation stages.
Pish! I would simply explain that I had just crossed the border illegally, and they would give me all kinds of stuff. Problem solved.
My parents paid $18,000 for a 1708 square foot 3/2/2 in Chino. Worth an estimated $431,743 now.
you couldn’t pay me enough to live in california
this has been tested...
Self ping for tomorrow
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I lived in Santa Clarita before it was Santa Clarita (Saugus, Valencia and Canyon Country). The homes were decent, about 120-200K back in the 80’s. Certainly not worth 420K now and to only need an 83K salary/income to own one now?!!!
Where I live now I have a 180K (Purchased for 150K) home on a rather decent salary and given allllllll the other expenses I have to fork out to live within my means my wages are barely cutting it...Sorry, I’m calling BS on that nifty chart for CA.
The stats in the article are not in line with what we know of our local area.
I thought things were expensive up in Massachusetts, but this is a whole new level.
The average home price in my community is over $500k and annual property taxes are over $10k a year. Here in Fairfield county, you are either in a very nice area or an area that has grinding poverty. Parts of Danbury, Bridgeport and Stamford look like third world countries. Then you have Greenwich, New Canaan and Ridgefield/Wilton where even a starter home will run you close to a million dollars.
Either affluence or poverty. Not much in-between anymore.
I have in-laws in Wilton. They would like to pay higher taxes. Big Libs.
In about three years when I retire, I ought to be able to cash out my home, buy a smaller retirement home in another state and have gobs of money left.
My in-laws in Wilton are in the process of selling their home in Wilton — they’ve already purchased their next home. It’s also in Wilton. It’s not what most retired people choose to do, but ...
Farm country east of Elk Grove. Not a bad area.
Partly true. Multiple factors exist, including the big one called "location", great weather, jobs, shopping, entertainment, restaurants and schools. A big factor has to do with all the rich Asians moving here, for the most part from China. They are buying homes sight unseen through brokers. Many formerly white majority cities are turning Asian, many of them in Silicon Valley. Regarding legislation, stupid rental laws are indeed driving up prices of single family homes. Rent-control laws continue to remove or keep rentals off the market. I know more than a few friends who sold their rental properties because of that.
We’ll have overpriced homes without water.
My husband and I bought our first house when we were kids.(21yrs and I was 19) Home was in Pacifica,Ca and it was a whopping $18,000.which we could barely afford. It now is priced somewhere over $600,000.
Wish I still had the place.
What locations? FRmail welcome....
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