Once quaint California towns with working class residents are now turning into cities where homes exceeding $1 million is considered the norm, a new report says.
A growing list of California cities are reeling from the ongoing housing crisis, with once working-class towns seeing median home prices exceeding $1 million. According to The Los Angeles Times, Placentia, Orange, Tustin, Bonita, Cerritos, and San Gabriel are all facing a substantial jump in home values. Many of the hardest-hit cities are located in Orange County, San Diego County, and Los Angeles County.
Black said the area has very little undeveloped land, so most people who move to the city purchase older homes and use spare cash to fix them. Many homes are also passed down through families. According to Black, these two factors are increasing the price of property. He noted that the supply and demand constraints of Southern California make the price hikes more understandable. According to Zillow, California has 210 cities with a median home value greater than $1 million.
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
California housing crisis: Once-modest towns are becoming 'million-dollar cities'After adding 12 this year, California accounts for 210 of the country's 550 cities where the typical home value is more than $1 million, according to an analysis by Zillow.
Read more »
'Blue blob' creatures once again washing up on California's shoreJustin Boggs is a writer for the E.W. Scripps company. Justin covers anything from politics to sports and entertainment.
Read more »
Nearly half of California high school graduates don’t qualify to apply to a California universityPublic high schools in California offer mixed results in prepping kids for the next level. Some say it’s unfair. Others say college isn’t for everyone.
Read more »
RFK Jr. to Name California Lawyer Nicole Shanahan as Running Mate: ReportRobert F. Kennedy Jr. will reportedly tap California lawyer Nicole Shanahan to be his running mate at an event in Oakland on Tuesday.
Read more »
California fast food joints to cut staff ahead of Newsom-backed wage hike, report saysThe minimum wage increase is set to take effect in April.
Read more »
California home to America's most polluted national parks: reportA recent National Parks Conservation Association report found that five California parks had some of the highest ozone levels and pollution in the country.
Read more »