[HN Gopher] Only 15% of Californians can afford a home, new data...
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Only 15% of Californians can afford a home, new data shows
Author : LinuxBender
Score : 25 points
Date : 2023-11-11 22:15 UTC (44 minutes ago)
(HTM) web link (ktla.com)
(TXT) w3m dump (ktla.com)
| gustavus wrote:
| > The new figures represent the lowest home affordability rate
| since 2007, a news release said.
|
| Oh that's interesting.... What year came after 2007?
| jeffbee wrote:
| Ah I love that last paragraph. The good news is you can always
| move to Mono County, a place with no economy or population to
| speak of. Simply move to Bridgeport.
| s0rce wrote:
| Winters are also quite cold in Bridgeport, even by non-
| California standards.
| zerr wrote:
| https://web.archive.org/web/20231111221611/https://ktla.com/...
| woeirua wrote:
| Don't worry, I'm sure the usual real estate shills will be by to
| assure us that were not in a bubble and that prices only go up.
| jeffbee wrote:
| People who own houses in expensive coastal markets can't easily
| be dislodged. We can't force them to put their houses on the
| market or adopt reasonable prices. The rental market, however,
| is a quite different thing. I track the rental market in
| Berkeley very closely and while rents have been steadily
| declining since 2019, in the past few months they have been
| plummeting. Current market price for older 1-bedroom apartments
| has fallen back to 2009 levels. Almost sort of affordable.
|
| I have a feeling that a lot of small-time landlords who thought
| they were signing up for a lifetime of "passive income" are
| getting kicked in the teeth right now.
| 2devnull wrote:
| I find that dubious but want to believe. Can you cite the
| numbers at least?
| jeffbee wrote:
| All my data and methods are at
| https://observablehq.com/@jwb/berkeley-rent-board-data
|
| The key graph is https://observablehq.com/@jwb/berkeley-
| rent-board-data#cell-...
| YeBanKo wrote:
| California has one of the lowest property tax rate, yet one
| of the highest income tax. We need the opposite to
| incentivize the right behaviors .
| tqi wrote:
| Yeah San Francisco "natives" love to shit on transplants
| for pricing out locals, while conveniently ignoring the
| fact that "natives" are the ones jacking up the rent. For
| years 1/3 of every paycheck went to an SF "native", but I'm
| the asshole?
| rcpt wrote:
| > We can't force them to put their houses on the market or
| adopt reasonable prices
|
| At the very least we could stop sinking tens of billions of
| dollars every year into tax cuts that essentially force them
| to never sell.
|
| Every single California housing issue is because of Prop 13.
| lmm wrote:
| Assuming they can keep making it illegal to build new homes,
| prices will keep going up. It's worked fine for them so far.
| slt2021 wrote:
| thanks to newsom, it is all his legacy that he is trying to
| expand nationally by trying to become presidential candidate
| sometime in the future
| pauldenton wrote:
| https://www.youtube.com/watch?v=ExgxwKnH8y4 If only Californians
| didn't actively try to stop construction. If you want to build
| housing and that will cast a shadow on a nearby playground,
| that's no good. California is literally the worst and most
| expensive place to develop anything.
| WillPostForFood wrote:
| Title is misrepresents what the report says. The report says that
| 15% can afford the *median* priced home, not "afford a home". 15%
| isn't good, not is bad as the article suggests.
| pixl97 wrote:
| So, a better dataset would be breaking housing prices down into
| availability brackets with matched with earnings. What does the
| data look like then?
| dangus wrote:
| As far as home ownership _rate_ , over 50% of Californians own
| their home.
|
| https://ipropertymanagement.com/research/homeownership-rate-...
|
| It is the second lowest number in the country, but I always find
| articles like these a bit of a contrast compared to the actual
| home ownership statistics.
| habitue wrote:
| Home ownership rate is a lagging indicator, affordability is a
| leading indicator.
|
| Many people in California own their homes because they bought
| them a long time ago and held on.
| fiddlerwoaroof wrote:
| I wonder if there's some measure to forecast this, though: if
| the median age of a homeowner is x years (and the trend is
| aging), then in y years, half the currently owned houses will
| have changed owners. What are the values of x and y?
| xyzelement wrote:
| What that means is that significantly more Californians are
| trying to buy a home compared to what is available as inventory.
| If you somehow "reset" the price to some arbitrarily "low" level,
| it would immediately get bid back up to what it is today.
|
| On the other hand, if you somehow flooded the market with
| thousands of homes and there were fewer buyers than that, the
| price would plummet.
| bequanna wrote:
| It would take many, many thousands of homes.
|
| Demand is so much greater than supply almost everywhere in the
| US.
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(page generated 2023-11-11 23:00 UTC)