QUESTION: Do you believe housing will ever become affordable again in California?
The Water Cooler – Do You Believe Housing Will Ever Become Affordable Again In California?
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Yes, if demand is less than supply. It could happen. It’s happened before BTW.
Didn’t see your post Cap’n, but we’re simpatico.
Nope. Even after the “big one”, people will always want to live here even for a premium…
Yes – it is affordable – a big part of the problem imho is that people of lesser income want to start out to live in expensive areas…. until you build up your income you start out in housing areas of lesser value – just like most of us had to do (ex. if you work at minimum wage don’t expect to live in Orinda or Blackhawk)
If you can’t afford a median home price with the median income in a given area then homes are unaffordable. That is the case for most of California. Just because you bought your house in 1984 for 180k and now it’s $1.2m doesn’t mean it’s affordable. How much would payments be on the home you’re living in right now if you had to buy it with current interest rates and only 10% down? Odds are you wouldn’t be able to afford it.
Never. I just saw on nbc that people are being priced out in other states (like the poor Tennessee) and have to live in an RV.
It’s funny, 5 years ago Tennessee homes were amazing bargains! But now since California’s are flooding there with all their ‘rich’ equity money it had his made their prices go way up.
Same with Nevada and Idaho.
Supply and demand.
When people who shouldn’t be here leave, there will be, excess supply.
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Our first house cost $69,000 at 10 3/4 percent interest.
With work overtime and paying extra on principle, paid house off 14 years early.
Made extra payments on second house, paid it off early.
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Here is a Mortgage Payoff Calculator, to bookmark.
Plug in your numbers then try different extra payment amounts and
see how MUCH you’ll save. You will be Surprised ! ! !
https://www.calculator.net/mortgage-payoff-calculator.html
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Note, only make extra payments after you have emergency savings in place and
retirement savings are underway.
@ OG ~
Pretty much the same story here but didn’t invest on a second house.
It wasn’t easy then and stayed on a budget.
Think folks need to stop impulse buying so to invest in a home.
Agree on impulse buying and need to buy a house and it’s
really nice when it’s paid off. Now we, are doing a bit of
impulse buying.
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Coworker brought in a DOS program, mortplan, convinced me to
start aggressively paying down principle when I realized large
amount we were going to save. Wish we’d been paying extra on
principle when we first got loan in early 80s.
.
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Badge1104, …
A fact democrat politicians in this state are completely
incapable of grasping. If you tick off the people with the financial
ability to move to another state, they WILL, same thing goes for
businesses. CA has not had political stability or regulatory certainty
in years. A business has to be able to forecast, expansion, increasing
production, problem is democrats and their unelected minions keep
changing the rules. Latest is fleecing deep pocket corporations.
Has become a cottage industry with DAs and regulatory agencies.
.
But, at least we’re safe from those dreaded plastic straws.
https://tinyurl.com/5a6enr5m
Overly vague question. Define “affordable”. Homes are being bought and sold every single day in every part of the state.
They mean for people who do not want to work harder.
I thought it would happen after the rapture, be here we are.
Making sure foreign citizens are out of here will make a big impact. Limiting mass migration will help. And the interest rate coming down as out of control inflation is brought down will help as well. All things that are happening right now. But in no case should “affordable” mean that taxpayers are subsidizing things for people who are living off the government.
Supply and demand.
If you can’t affect the demand
you must increase the supply.
I remember several real estate depressions in the last 30 years alone. You couldn’t give houses away. Prices did fall quite a bit. But then they always do come right back up and go even higher. But, yes it’s possible.
The question is, How much are young couples willing to sacrifice in order to be able to afford to buy a home?
The “California” or “American” dream… was purchased on one income, maybe with a few “hundred” dollars from family or the wife’s tiny savings from before marrying.
The first10 years of “Vacation” involved a hike and a tent.
It also took ten years to pay off Dad’s student loan.
That first few years, 98% of what you called furniture was hand-me-down or St Vincent De Paul. A cardboard box with a tablecloth passed for a sofa table.
They had ONE car. Dad took it to work. Mom waited till the weekend to shop. Kids walked EVERYWHERE until they were allowed to ride a bike out of their own “couple of blocks.”
Until the kids hit 7th grade (or 8th) (or 9th), their jeans absolutely did NOT have a Levi’s patch-tag. They probably were too short and had knees patched too.
Chicken was cheaper than ground beef, any form of “not” ground beef – was only on the table on Sunday and even then…it was probably meatloaf, unless it was a really “special” boiled brisket Sunday.
A few years of that, and Mom finally got the used car, and Dad upgraded to a newer used car, and the kids got spoiled by a ride to school ~~IF it was raining.
Everyone who lived that life knows: “Those were the days, my friend–sacrifice might never end…”
Two generations later and a young couple with two paychecks 20 or 30 times larger than Grandpa EVER made while his kids were growing up, and they just can’t get by! –Nah… Today’s kids would rather whine and moan and blame being “poor” on anyone who suggests maybe they could start out with a sacrifice (or two), make do with “less.”
The next question is… was it from only being given a “used” bike, or not having a Levi patch on their jeans that blinded the “middle” generation — caused them to lose sight of the path that let them live that American dream– and fail to pass on to their own children the what, when, why and how to make it work?
I hope so. I understand the housing market, but I’m not one to launch into full disclosure (TLDR). There are pros and cons of paying off your mortgage early. Owning home(s) free and clear is a comfortable feeling, but sometimes it’s wiser to invest elsewhere for a higher return. Ask anyone who is very wealthy.
No, also property Tax is way out of control as these politicians just keep handing out money at free will! Mine went up $220 this year alone!