There are some people who have not purchased homes because they are uncomfortable taking on the obligation of a mortgage. Everyone should realize,
Real Estate News
"The Unrelenting Housing Crisis in Southern California: Income Stagnation and Skyrocketing Home Prices"
Over the past two generations, incomes have not kept pace with rising housing prices, resulting in a significant housing burden. Historically, housing prices were expected to be 2 to 2.5 times the annual income, but now a median-income family can only afford a home costing $245,500, while the median home price is $980,000.
Key factors contributing to this imbalance include:
- Historical Context: Mid-20th century homeownership was more accessible due to supportive federal policies and a pro-development environment.
- 1970s Shifts: The influx of baby boomers into the housing market, inflation from the 1973 oil crisis, and increased dual-income households pushed demand and prices up.
- Proposition 13: This 1978 law reduced property taxes, lowering municipal service funding and discouraging new housing development.
- Slow-Growth Movement: Resistance to multifamily housing and new development further constrained housing supply.
- Global Trends: By the 1990s and 2000s, global financial dynamics and unregulated banking practices inflated housing bubbles.
From 1980 to 2010, L.A.’s population grew substantially, but housing units did not keep up, driving prices higher. Recent price surges are due to pandemic-driven demand, housing shortages, and institutional investors buying homes.
Consequences include high rents, homelessness, overcrowding, longer commutes, population outflows, and increased wealth inequality. Solutions require increasing housing supply, protecting individual buyers, ensuring affordable housing, and raising wages, with major employers recognizing their role in addressing the housing burden.
Real Estate Blog
If you’re considering buying a home in a community governed by a Homeowners Association (HOA), you’re not alone. HOAs are common, offering a structured community environment with shared amenities and well-maintained surroundings. However, navigating life with an HOA can come with its own set of challenges and benefits. Here’s a handy guide to help you make the most of your HOA experience.
Navigating the world of home financing can be complex, especially when deciding between a mortgage broker and a mortgage banker. Understanding the distinctions between the two can help you make an informed choice that best suits your financial needs and goals.
As the effects of climate change continue to intensify, the repercussions are reverberating throughout various sectors, including the home insurance industry and the broader U.S. housing market. With each passing year, extreme weather events fueled by climate change are leaving an indelible mark on the affordability and availability of home and fire insurance across the nation.
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I met Mr Hyde in 2017 while searching for someone to help my sister in law who was in a financially challenging position
I was referred to Lamont Hyde from a neighbor of mine who had used him to purchase her home a few years back. My mother had past away a few months
My wife & I never thought we could afford to own our home. We were currently living with my mother since being married 8 years ago.
