After a turbulent year, the California housing market is poised for a rebound in 2024. C.A.R.'s 2024 forecast predicts a 22.9% increase in single-family home sales. Median home prices are expected to rise by 6.2% in 2024 due to persistent housing shortages.
Determining your budget starts with housing costs, especially rent, which affects essentials, savings, and discretionary spending.GOBankingRates used Apartment List's data to find avg rents for various unit types in every state.
In Early-Q4, San Luis Obispo County, saw stagnant prices, low sales, and record-low affordability, indicating a possible recession.A household would need an annual income of $221,200 to afford monthly payments of $5,530 at a 7.14% interest rate.
Home sales rebound: – Existing single-family home sales are expected to ↑ 22.9% yearly in 2024, to 327,100 units. Price hike: – Median home price are predicted to ↑ 6.2% to $860,300 in 2024.
Around 36% of California renters reside in mid-sized complexes, below the national average. Large apartment complexes house 25% of renters, but most live in small buildings. California leads in the number of households in large rental complexes, while Massachusetts leads in mid-sized rentals. Many Californian renters live in single-family homes, and 2% live in mobile homes, RVs, or boats. Continue to full article
California implemented a new mansion tax earlier this year on property sales above certain thresholds. The tax applies to property sales exceeding $5M, with a 4% rate, and surpassing $10M, with a 5.5% rate.
The best time to sell a house in Southern California depends on various factors such as location, market conditions, and weather. Generally, the real estate market is slower in winter and picks up in spring. In warmer areas like San Diego and Los Angeles, winter may be a good time to sell due to less competition. In colder areas like Sacramento and Fresno, spring may be better. It's recommended to… Read More »What is the Best Month to Sell a House in Southern California?
Southern California has some of the most expensive ZIP codes for renters and homeowners. The average rent for a two-bedroom unit is $5,581, requiring a salary of $201,000. The costliest ZIP code is Montecito's 93108, with a rent of $10,000 for a two-bedroom unit. The high prices are leading to concerns about a potential California exodus. Continue to full article
Southern California offers affordable places to live, such as El Centro, Adelanto, and Victorville. These areas provide stunning landscapes, outdoor activities, and access to cultural events. Other affordable options include Hemet, Oxnard, and Lancaster, each with their own unique attractions. From wine country in Redlands to the beach town of Oceanside, there are affordable pockets throughout Southern California waiting to be explored. Continue to full article