Home Rates: On the Rise
By Nicole San Juan
INGLEWOOD, CA - A new study is revealing homeownership in California is among the lowest in the country.
Photo Credit: Nicole San Juan, Home for sale
If you thought owning a home in California was close to impossible, it might be.
A new study conducted by Ruby Home Luxury Real Estate reveals only seven million of California’s nearly 40 million residents own their homes. It’s the lowest rate of home ownership in the country.
“Part of the reason it’s so expensive is because of supply and demand," said Real Estate Agent Amber Perkins. "There are 40 million people in California alone and that itself already brings demand.”
For Californians struggling to make ends meet, the news probably isn’t a surprise. The Golden State is already overpopulated and has some of the most expensive costs of living in the nation.
High-interest rates combined with a lack of inventory in the real estate market have forced many to look elsewhere.
Erika Saldana was an Inglewood Resident looking for a home. She said her family doesn't want to leave California, but it could be the only other option.
“It’s really discouraging that we have to work sometimes from six all the way to seven and still see no profit in and maybe another state will be better," said Saldana.
Perkins said that owning a home may seem impossible — there is help out there.
The state launched a program for first-time home buyers – setting aside 300 million dollars for 2,300 buyers with down payments. Perkins said programs are a way to help when trying to purchase a home.
“There are so many home buyer programs now than there were before to help offset that unaffordability crisis here,” said Perkins.
The California Dream for all appreciation loan program was temporarily paused after funds ran out in just 11 days.
Nicole San Juan report
By Nicole San Juan
Contributions: Ruby Home Luxury Real Estate
Photo: Nicole San Juan
Video: Nicole San Juan