California's 24-mo streak of rising rents has ended, with the number of empty rental units reaching a 2-yr high. Statewide, rents in California ↓ 0.7% over the past year, marking the first yearly decline since April 2021. Vacancy rates in California ↑, with 5.4% of units being vacant statewide, the highest level since March 2021. The supply of...
In May, California's housing market showed signs of improvement as home sales surged to the highest level in eight months and the statewide median home price notched above $800,000 for the second straight month. Closed escrow sales of existing single-family detached homes totaled a seasonally adjusted annualized rate of 289,460, up 9.8 percent from April and down 23.6 percent from a year ago. The...
Avg Housing Costs: Monthly mortgage cost: $2,548 Studio rent: $1,360 One-bedroom rent: $1,525 Two-bedroom rent: $1,797 Three-bedroom rent: $2,001 Utility costs: Electricity: $124 Gas: $63 Cable and internet: $117 Water: $63Grocery and food costs: Per person : $322.08 Non-restaurant food: $3,865 family of four: $1,288...
The settlement provides new opportunity for >100K denied California tenants. The housing department will audit denials and improve access and the appeal process. California received $5.2B in federal relief funds, but faced criticism for rejecting applications without adequate explanations....
To all great Americans around the world, a very Happy Fourth of July to you all. This day is incredibly significant as the day the United States officially became its own nation. Let’s celebrate America’s birthday with festivals, parades, fireworks and other festive activities.The 4th of July marks the day America became a country where people have a...
Hawaii ranked first with 31.8% of households spending > 30% on housing. Hawaii is also the most expensive state to buy a home, attributed to limited land for development. Other states with high percentages of homeowners with housing cost burdens: California: 29.7% New Jersey: 28.5% New York: 26.4% Connecticut: 26.2% Massachusetts: 25.5% Florida:...
The down payment on a home is a percentage of the property's price paid for in cash upfront. Conventional loans require a minimum down payment of 3 percent, while FHA loans require 3.5 percent. VA loans and USDA loans don't require a down payment. In April 2023, 40% of respondents cited the inability to afford a down payment and closing costs as a hurdle to homeownership. Most states and...
Brian Chesky and Joe Gebbia founded Airbnb in 2007, and it has since grown to become a major player in the hospitality industry, worth more than Hilton and Wyndham combined. However, due to its rapid growth, various municipalities have imposed restrictions on short-term rentals in areas with a large Airbnb presence, including San Francisco, Carmel, Santa Monica, Mammoth Lakes and San...
California has added >123K housing units, reaching a 15-yr high. Single-family homes made up 54% of new construction. Also, 44% were multifamily units and 1% were mobile homes. The state’s goal is to build 2.5M homes by 2030, revised from the original goal of 3.5M by 2025....
The pandemic has had a major effect on the office sector, resulting in higher vacancy rates and a transformation in what employees are seeking from their office environment. Companies are now choosing urban mixed-use projects offering a variety of amenities, such as childcare, groceries, food, and health and fitness. The ROW DTLA is a prime example of this, having secured over 300,000 square feet of...
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