My son in law who lives in the San Diego Area was lamenting what is happening to young people from 20 to 40 years old with a family who want to buy a home almost anywhere now along the coast of California or inland about 20 to30 miles from the coast.
He said that between 2017 and 2019 people could buy a home under a million dollars who had their combined income of 100,000 to 120,000.
However, since Covid all this has changed to where between mortgage rates and other factors the average person would now need 400,000 dollars a year income in order to buy this same 3 bedroom three bath house good for raising children in.
So, how many people do you know personally making 400,000 dollars a year even as a couple these days.
Because that is what you would now need in California to buy almost any family sized home of three bedrooms and 3 baths anywhere along the coast of California up to 30 miles inland from the coast.
One could blame covid for this but he was saying that large companies are also to blame who are buying up about 1 million homes nationwide.
So, part of the solution is to prohibit companies from buying so many homes to rent them out which is destroying the capacity of younger people from 20 to 40 years of age from buying their first home.
No comments:
Post a Comment