California's Starter Homes Now Exceed $1M in Multiple Cities, Highlighting Affordability Crisis
Key Takeaways Over 113 cities in California have seen starter home prices surpass $1 million, including locations like Sunnyvale and Santa Clara. The COVID-19 pandemic significantly contributed to the sharp increase in home prices, causing many potential buyers to turn to renting instead. The uncertain future of the housing market poses challenges for real estate investors, who need to stay updated on factors impacting affordability. Rising Costs and Housing Challenges in California California's housing market is in crisis. Over 113 cities including Sunnyvale and Santa Clara have starter homes exceeding $1 million. This sharp rise throughout the Golden State has rendered homeownership elusive. The pandemic fueled this alarming surge, pushing potential buyers towards renting. With starter homes at this colossal price, the market's future remains uncertain. Real estate investors must stay informed to grasp the dynamics affecting affordability, as the stakes are higher than ever. ...
