Real Estate Prices Are on the Rise in California 2020 - Local Records Office
LOCAL RECORDS OFFICE – California has one of the highest real estate markets in the United States in 2020. Property prices have been on the rise and they are not coming down anytime soon, according to real estate agents and brokers many people are looking elsewhere and leaving California in the dust.
We don’t blame them because a 2-bedroom in Los Angeles County is the same price for a 5-bedroom with a pool and 2-garage house in Jackson Mississippi. Prices have gone up so much that some people that would have been able to afford a house in the early ’90s could only afford a small 2-bedroom apartment in a decent neighborhood.
What does This Mean for Those That Want to Become New Homeowners?
This means that prices are going to climb and they are going to climb FAST. The average American earning an average of $50,000 a year may not be able to apply for a low rate mortgage in Orange County, Los Angeles County or the Valley.
The only people who might be able to afford to be a new homeowner are those with an income of $70,000 and higher, but who earns that type of money? I’ll tell you, doctors, lawyers, business owners, celebrities and those who have a Ph.D.
Why is being a homeowner so difficult in California? This is the question we all ask ourselves. I guess we could blame the bright Hollywood lights, the reality shows that come to California and film their glamorous lifestyle to make it seem like everything is made of money.
When people think of California they think of celebrities walking all across the Hollywood streets, the sunshine and the pretty palm trees, this might be the reason why rent and property have gone up drastically. We can’t blame the people who have left or planning to leave, California real estate market is not what it used to be.
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