An Update For Californians
This headline is from a May 2nd article in the LA Times. The remainder of the headline reads: “But an inland boom could be turning things around.” Taking liberty with Horace Greeley’s, “Go West young man and grow up with the country”, I would say, “Go East young person and find some housing”.
Yes, our California population has dropped in 2021. But the loss is showing signs of slowing. The dip was led by coastal losses – think high prices and no new housing. Also, births dropped, immigration slowed, and there was a pandemic.
The Department of Finance just released a statement that the birth rates are now increasing along with other factors so the dip is decreasing. BUT, Riverside and the Inland Empire are increasing in population. And more warehouses are opening every day, meaning more jobs. Also the median house prices are much lower than areas like the Coastal Counties, LA, San Diego, and the Bay Area.
Real Estaters: Check it out. March prices show the median home price in Orange County is $1.26 Million and Riverside County is $619,000. That is a big difference and there will be a significant increase in down payment required and monthly payments. Everybody in the high priced counties should say thanks that their home has become a major force in their retirement. Those high prices plus the interest, tax and insurance payments were sizable, but you were paying for the weather and increasing your retirement funds.
Hard for me to comprehend all these prices as my first house in San Fernando Valley, Sepulveda to be specific, cost $20,500 and our house payment was around $110 a month, including PIT.
See you all for lunch at the Mission Inn.