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The high California home prices were created by decades of (bad) policies and laws that made new home construction very difficult despite significant population gains. The idea that laws should be used to increase the home values of people already there by keeping people out was very intentional. We have a great economy so it's expected that home prices in California will be higher, but this level of difference was what we voted for.
The high California home prices were created by decades of (bad) policies and laws that made new home construction very difficult despite significant population gains. The idea that laws should be used to increase the home values of people already there by keeping people out was very intentional. We have a great economy so it's expected that home prices in California will be higher, but this level of difference was what we voted for.
Yea, it's a pretty rough combination of actual demand, property tax valuations, parking mandates, weak mass transit funding, zoning, and seismic precautions.
Here is a little update using the 100 largest US cities.
100 Largest US Cities by Typical Home Price, February 2022
San Francisco, CA $1,545,059
Fremont, CA $1,476,366
San Jose, CA $1,397,574
Irvine, CA $1,159,143
Oakland, CA $961,248
Los Angeles, CA $934,305
San Diego, CA $918,467
Seattle, WA $915,340
Anaheim, CA $846,355
Honolulu, HI $824,605
Scottsdale, AZ $784,305
Chula Vista, CA $777,383
Santa Ana, CA $763,925
Santa Clarita, CA $750,542
New York, NY $741,622
Boston, MA $710,654
Washington, DC $692,376
Austin, TX $636,839
Denver, CO $599,742
Riverside, CA $594,530
Jersey City, NJ $576,986
Portland, OR $564,334
Reno, NV $549,527
Gilbert, AZ $547,777
Boise, ID $523,760
Chandler, AZ $498,677
Aurora, CO $489,489
Plano, TX $487,587
Sacramento, CA $484,269
Henderson, NV $469,875
Miami, FL $469,562
Colorado Springs, CO $461,668
Stockton, CA $434,490
Raleigh, NC $412,599
Mesa, AZ $405,723
Nashville, TN $404,945
Las Vegas, NV $399,108
Phoenix, AZ $396,063
Spokane, WA $387,564
Newark, NJ $384,391
North Las Vegas, NV $380,286
Glendale, AZ $380,007
Durham, NC $370,805
Atlanta, GA $366,797
Tampa, FL $365,650
Charlotte, NC $358,605
Anchorage, AK $356,401
Virginia Beach, VA $355,526
Fresno, CA $354,622
Bakersfield, CA $353,987
Irving, TX $351,550
Madison, WI $349,786
Chesapeake, VA $348,322
Orlando, FL $338,272
Minneapolis, MN $324,985
St Petersburg, FL $315,765
Richmond, VA $310,042
Chicago, IL $306,098
Arlington, TX $300,723
Tucson, AZ $300,294
Dallas, TX $294,603
Fort Worth, TX $292,552
Albuquerque, NM $286,465
St Paul, MN $279,635
San Antonio, TX $276,049
Garland, TX $275,992
Jacksonville, FL $273,730
New Orleans, LA $271,080
Lexington, KY $260,968
Norfolk, VA $260,906
Omaha, NE $251,594
Lincoln, NE $250,845
Houston, TX $241,582
Philadelphia, PA $227,938
Columbus, OH $223,836
Louisville, KY $219,949
Greensboro, NC $218,809
Cincinnati, OH $217,891
Baton Rouge, LA $215,200
Kansas City, MO $214,263
Winston-Salem, NC $209,917
Indianapolis, IN $208,102
Corpus Christi, TX $204,144
Pittsburgh, PA $203,384
Baltimore, MD $196,478
Buffalo, NY $195,614
Fort Wayne, IN $190,825
Lubbock, TX $190,742
Laredo, TX $184,086
Oklahoma City, OK $183,125
El Paso, TX $182,377
Wichita, KS $170,666
Tulsa, OK $169,554
St Louis, MO $166,529
Memphis, TN $139,694
Toledo, OH $102,102
Cleveland, OH $99,107
Detroit, MI $64,368
Bakersfield, CA $353,987
Irving, TX $351,550
Madison, WI $349,786
Stockton having a "typical" (mean or median?) home price above Raleigh, and Bakersfield above Madison demonstrates that there is a huge surcharge associated with the state of California. Even cities typically considered undesirable in CA are more costly than places in the South and Midwest that routinely take top positions on economic and quality of life metrics.
Stockton having a "typical" (mean or median?) home price above Raleigh, and Bakersfield above Madison demonstrates that there is a huge surcharge associated with the state of California. Even cities typically considered undesirable in CA are more costly than places in the South and Midwest that routinely take top positions on economic and quality of life metrics.
For good reason.
You can take any of the most hated, butt of jokes CA cities and still have-
-Year round warm weather
-Scenery that is beating most of the rest of the country
-Beach and mountain access less than two hours
-Rail connection with frequent departures to major coast cities
You can take any of the most hated, butt of jokes CA cities and still have-
-Year round warm weather
-Scenery that is beating most of the rest of the country
-Beach and mountain access less than two hours
-Rail connection with frequent departures to major coast cities
There are many places in the United States that have similar amenities - and fundamental strengths such as high quality schools, strong job markets and clean, safe environments that California's poorer cities are lacking.
The extremely inflated home prices in California are a result of public policy decisions that have been in place for years, not just perceived desirability.
You can take any of the most hated, butt of jokes CA cities and still have-
-Year round warm weather
-Scenery that is beating most of the rest of the country
-Beach and mountain access less than two hours
-Rail connection with frequent departures to major coast cities
Eh this is debatable.
Central California can be pretty butt ugly. I don't think places like Bakersfield, Modesto, Fresno, and Merced are beating out many places in scenery and natural environment.
There are many places in the United States that have similar amenities - and fundamental strengths such as high quality schools, strong job markets and clean, safe environments that California's poorer cities are lacking.
The extremely inflated home prices in California are a result of public policy decisions that have been in place for years, not just perceived desirability.
San Bernardino is one such place-
-70 degree weather in February
-30 miles to multiple ski resorts
-75 miles to Santa Monica beaches
-Metrolink train service to Downtown Los Angeles seven days a week, 15+ departures daily
Based off of just that, its not hard for me to understand why San Bernardino home prices exceed Nashville or Raleigh, it wouldn't occur to me to consider public policy as a factor.
Really points to how Chicago and Philadelphia are the best city deals in the US.
They are really outliers at this point, whereas twenty years ago all North American cities had similar wage-price ratios. It's a tragedy.
You can make a half million a year in the financial industry in Chicago and live someplace like Naperville in a house that costs as much as your annual salary. I'm not sure why you would do that, but you can. It wouldn't even be a bad life, just a little boring.
That sort of wage-price ratio is unthinkable in 99% of cities in the developed world.
I get that it's near the bottom, but I can't believe anyone would buy anything in the City of Disconnected Youth Who Squeegee, aka Baltimore, for more than the price of a Happy Meal.
Also, 53% of households in Canada are single family houses vs. 61% in the US. It's one way Canadians can afford to buy homes given their much lower wages.
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