A.D. Cantelmo Property Management
Our Business is Property Management in Orange County California
Should we worry about unaffordable housing
If you look at the chart below, it shows that in most of the counties in California, the median income, is not enough to afford the median prices of the homes. Is that something that we should all be worried about?
Anyone who has been following the Real Estate market closely in the past few years understands that the reason for the price increase in homes is due to lack of inventory and until that changes, prices will continue to increase or at least stay at the levels they are now. This is a good thing for sellers, but not so good for buyers. The bigger issue, is not that the prices of homes continue o climb, but that wages are not climbing at all, so instead of being concern about home prices, people need to be concerned about how to raise the income for people.
The prices of homes will go up and down, but if wages continue to be stagnant, that will have a huge negative affect on the economy as a whole. People who cannot afford a home in one county in California, can move to a more affordable county if they really want to own a home. For example, if you cant afford a home in Los Angeles County, you may want to look at Riverside of San Bernardino counties. The commute may be difficult, but if all depends how much you want to buy a home. The better choice may be to wait until you can afford a home in your area and save as much money as you can to put down on a home. The more money you are able to put down on a home, the lower the monthly payments, and that is a very good thing
A.D. Cantelmo Property
Management Specializes in Property Management in Orange County
Ca.