In many U.S. areas, a homebuyer can purchase at least double the size of a California home for the same price, or less.
This article is based on personal experience and accredited media reports. Linked information within this article is attributed to the following outlets: Google.com and LaJolla.com.
The lead-in photo of this article may be picturesque, but it does not represent the look of most Southern California locales. The Hollywood Hills is one of the more costly regions in the south of the state, and I’ve learned that many who do not live here — or have never visited — perceive the entirety of California in this regard.
Either this way, or as unending beachfront properties.
In truth, the state‘s picturesque areas are outnumbered by its relative — though still expensive — slums.
I live in North Hills, in a nice San Fernando Valley house my wife and I purchased in 2002 for $349,000. Today, the house is worth considerably more than double. However, as with So Cal’s larger and more expensive cities, regardless of the beauty of my neighborhood crime remains an issue.
As a writer, I moved here from Brooklyn, New York to pursue a screenwriting career. Hundreds of thousands of aspiring creatives do so every year, which in itself adds to a housing shortage.
Regardless, as a targeted Google search will illustrate, most noted analysts do not expect anything to change, in terms of housing expense, in the near future.
Let us explore further.
California Housing, 2023
According to a report from LaJolla.com, entitled “Why Are Property Values So High in California?” several reasons exist for the price disparities between Southern and Northern California, and most of the rest of the country.
As excerpted from the report: One of the reasons that housing costs are so high in San Francisco and other cities across California is because there is not enough housing to go around. The result is a disparity between supply and demand. According to the state housing department, the state needs to build 180,000 new houses every year in order to keep up with demand. However, California has only managed to build half of that over the past 10 years.
Of course, other reasons exist as well.
The report goes on to state: While many factors contribute to the failure to keep up with high demand for housing, one of the biggest obstacles is a lack of available land. While California is an enormous state – the third largest in the U.S. by size – the vast majority of its acres are hills and mountains spread across harsh desert. Nearly every nook and cranny of suitable land has been used up, and this is certainly the case the closer you get to the coast.
In the event of pertinent updates to this matter, particularly the unlikely scenario of costs notably decreasing, I will share them here on NewsBreak.
Thank you for reading.
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