It seems that unless you make over 100,000 a year, you can't buy a home or barely even live here. It's ludicrous, I wonder why Real Estate is so out of reach for young families.
2006-08-28 18:18:48 · 23 answers · asked by Easter Bunny 4 in Business & Finance ➔ Renting & Real Estate
it all started with silicon valley.....you know.....before the dotcom explosion, real estate was relatively affordable, but then all of a sudden $150,000 homes were being fought over and sold for sometimes millions of dollars.....it became the idea place to live, work and be educated.....then of course the first answer---media hype and all that....plus i would imagine that the median family income in california is a lot higher then in other parts of america, mainly rural parts as well, and well......the affluent people are willing to pay hundreds of thousands of dollars for a house that isn't worth what they pay because of the community and prospects of that area. that drives up property values for those areas, even though if they were appraised say, in some unknown area homes wouldn't cost the rediculous amount they are in california.
2006-08-28 18:29:42 · answer #1 · answered by royal_crown78 2 · 0⤊ 1⤋
Heres a real answer from a Los Angeles Realtor.
The reason people love Southern California is because its the Entertainment Capital of the World. Lots of celebs, expensive homes, expensive cars, great restaurants, beaches, etc...
2006-08-29 04:02:30 · answer #2 · answered by ? 3 · 0⤊ 0⤋
Houses are so expencive becausee its over populated because southern california has everything you want, the weather its nice, you will find any restaurant you want, and alot of amusements.
Its true you have to make at least $3,000 a month to buy a house, but there are many loan programs that can help people buy a mortgage payment at a really low monthly payment, but you only pay interest.
2006-08-29 03:44:52 · answer #3 · answered by RICK D'S 1 · 0⤊ 0⤋
In the past few years, easy money supply has fueled the economy. As housing price appreciate, people wants to invest in real estates.
Now, as the housing market begins to slump, the price will drop as people realize that they can't make easy money anymore. Once people don't expect appreciation in price, they will compare the rent a property can bring in against the property price.
2006-08-29 07:17:44 · answer #4 · answered by Price is what you pay for value. 3 · 0⤊ 0⤋
Because soooo friggen many people want to buy one there. It's the Law of Supply & Demand.
2006-08-29 01:26:31 · answer #5 · answered by Otis T 4 · 1⤊ 0⤋
The cheapest house I have seen in Temecula is $355,000, and this was a small 3 bedroom. Amazing at the prices of SoCal that never rains, and about everything is dead and yellow looking from not getting water.
2006-08-29 01:27:12 · answer #6 · answered by myothernewname 6 · 1⤊ 0⤋
To many people live down there!!! Why don't you move to lovely Northern CA. Much better areas, less crime and cheaper living. Who in the world would want to live in Southern Cal.?? Lived there for 2 years in Lancaster, CA. We will never move back!!!
2006-08-29 01:26:29 · answer #7 · answered by LITTLE 1 :o) 6 · 2⤊ 1⤋
It is the law of supply and demand. Lots of people want to live there but there is only so much buildable land.
2006-08-29 01:25:20 · answer #8 · answered by redunicorn 7 · 0⤊ 0⤋
because it is in demand. alot of people want to live their, and its a nice area. realators know that their are rich people that will buy it even if it is over priced becuase they like it so much. its all in appeal. they figure people are still buying so lets slowly raise it
2006-08-29 01:24:56 · answer #9 · answered by Ale[x]andra Aristocrat 3 · 0⤊ 0⤋
100 grand a year will get you a outhouse. the land is mostly waterfront to them. since the gold rush, land has skyrocketed over the 150 years. its getting like new york where lack of space so it goes up to prices that are unheard of.
2006-08-29 01:23:40 · answer #10 · answered by hollywood71@verizon.net 5 · 0⤊ 1⤋