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California Housing Crisis, US Housing Price Going High To Higher


Housing price in the United States is raising high. The new housing constructions are seen all around the State, but the lower income groups (LIG) are having the harrowing time to face the crisis attempting to cope with it.

 

The state Legislative Analyst’s Office has learnt that the shortage of housing construction is there and state needs to pull up the socks. The policies need to be altered to set up numerous new residences.

 

The housing that has been constructed in California is most expensive than any other places in the country. Started around 1970, the gap between California's house prices and those in the rest of the country started to extend.

 

The facts

 

  • California house price had gone up to 80 per cent from 30 per cent (1970-1980)
  • Now days, on an average California home cost are $440,000, which are 2.5 times the average of national home price ($180,000)
  • The average monthly rent of California is around $1,240, which is 50 per cent higher than rest of the country ($840 per month)
  • The scarcity of adequate housing construction is the reason to steep rise of the cost

 

Yes, California has been most sought after place to live. But there are not enough housing can be found in the state with major coastal communities to provide accommodation.

 

The community resists here to set up housing as well as environmental policies or proper financial fund checks to initiate housing. The land is also inadequate. These make the price and rent high here. The high land price and construction cost are other key factors.

 

The state has done many things to construct affordable housing for the LIG Californian in subsidize rate through bond funds, tax credits and other sources.

 

“We advise the Legislature to consider how targeted programs that assist those with limited access to market-rate housing could supplement broader changes that facilitate more private housing construction.” In an article by Sun Jose Mercury News published.

 

The thought is that the legislator needs to change the policies that make it easy significantly more private home and apartment building in California's coastal urban areas. The exact number of the new housing is still unsure, but the demand is enormous.

 

The probable solutions

  • On top of the 100,000 to 140,000 housing units California is likely to construct each year
  • State would have to build around 100000 units.
  • It also would necessitate the state to make alter to a broad range of policies that have an effect on housing supply directly or indirectly.

 

Information Reference : www.mercurynews.com

 

California Housing Crisis, US housing price going high to higher

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