California ranks among the top 3 states with the least affordable housing by 2030.Californians are predicted to make an average of ~ $61K/year, while the average house price is expected to reach $1.2M (20.4 times income)....
Housing prices have surged in the last five years, outpacing general inflation. The median price-per-square foot indicates homes are now 52.7% more valuable than before the pandemic. Median list prices have also increased by 37.5%, with inventory down 34.2%, creating a seller-friendly market. San Diego and other top metros like New York, Boston, and Nashville have seen significant price jumps. This...
Since 1997, homeowners can exclude up to $500K of housing capital gains when selling their homes, without reporting to the IRS if below this limit.In the past 3-yr, the proportion of home sales with gross capital gains surpassing the exemption limit increased significantly....
Rate Increase: - Significant rate hikes expected for FAIR Plan policyholders. Growing Policy Numbers: - FAIR Plan policies ↑ from 268K in 2021 to >350K in December 2023 due to mainline insurers dropping coverage....
San Diego's affordable housing crisis has led to the ADU Bonus Program, permitting more Accessory Dwelling Units (ADUs) per property if they include affordable units. Since 2021, over 4,000 permits have been issued. The city's ADUs can be up to 1,200 square feet, and the permit process for affordable housing is being streamlined. Other cities are considering San Diego's model, focusing on...
Coastal living costs in Southern California could increase fivefold by 2050 due to severe beach erosion.Rising sea levels and urban development are the main contributors to the accelerating beach erosion....
Average home price is ~$785K, reflecting the state's expensive real estate market. Requires ~$157K down payment, indicating significant upfront costs....
The avg tax refund is over $3K, with most filers receiving a refund. Most Californians live within 30 miles of an active fault, making earthquakes a significant risk....
In May, home prices in San Diego fell moderately, with a median listing price higher than the national average. The number of listings decreased by 4%, homes are selling faster than last year. Price per square foot decreased by 1.7%. San Diego's market lags behind the national market. Continue to full article...
17% of California households could afford the ~$814K median-priced home in Q1 2024. This affordability increased from 15% in Q4 2023 but decreased from 20% in Q1 2023....
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