California's homeownership rate is second-lowest in the U.S., with only New York lower. California’s average wages (~$93K) contrast with its high home prices, affecting affordability....
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Rents in San Diego have decreased slightly compared to last year, with studio rents over $2,300 and two-bedroom rents around $3,700. The San Diego County Board of Supervisors is investigating the impact of private equity on housing costs, focusing on corporate ownership and potential legal actions for price-fixing and tenant harassment. Tenant groups argue institutional investment leads to unaffordable...
Weigh Flexibility vs. Investment: Renting offers flexibility, while buying builds equity and offers tax benefits. Consider Long-Term Stability: Buying is better if you plan to stay in one place for many years....
Over 18 months, San Diego has permitted 27 housing projects totaling 2,834 homes, with more than 86% located near transit. In 2023, the city issued 9,700 new home permits, an 82% increase from the previous year, marking the highest since 2005. Mayor Todd Gloria's executive orders have streamlined the review process for income-restricted affordable housing, resulting in a significant increase in...
Happy Labor Day! Labor Day is a day dedicated to honoring the contributions and achievements of workers and the labor movement. It marks summer's informal end in the U.S., as schools often start after the holiday. It offers a chance to ponder the historical strides in workers' rights and labor advancements. Cheers to hardworking individuals on...
Since the introduction of an executive order by Mayor Todd Gloria to expedite the permitting process for affordable housing, 27 projects totaling 2,834 homes have received permits in San Diego. The order mandates that 100% income-restricted projects be processed within 30 days, with an average processing time of just seven days. This initiative has significantly impacted the housing market, contributing...
Take-home salary for single filers: $72,233 The top tax bracket applies to single filers with a taxable income of $850K or more....
Home Sales Decline: Southern California home sales fell 0.8% MoM and 2.7% yearly. Interest Rate Impact: High mortgage rates above 7% influenced the subdued sales pace....
Home prices in San Diego County decreased in July, with the median price at $1.02 million, down from $1.05 million in June, though up 5.3% from last year. Statewide, the median price fell 1.6% to $886,560, but was 6.5% higher than July 2023. Sales statewide rose 3.6% from June, remaining below 300,000 for 22 months. The market may see further price softening but is expected to maintain moderate...
California will receive $16.2M to address its affordable housing crisis. The funds will be used to build new housing, reduce bureaucratic hurdles, and improve infrastructure in underserved areas....