Were California real estate prices always so high? Not hardly! Not until the Democrats took over.
A common misconception is that California homes always been much more expensive than U.S. houses. More expensive, yes — but until relatively recently not nearly as much as people think.
Until, that is, the CA state legislature became solidly Democrat, and the progressive policies started to take hold. The legislature swung Democrat in the 1960′s. Both houses have remained solidly Democrat since 1970 (with an odd 2 year State Assembly exception in the 1990′s).
Consider prices for average median value homes:
1960 — California homes 27.0% higher than national median
2000 — California homes 76.8% higher than national median
CA would be higher in 2000 but for the Golden State trend to move to condos — purchased at a considerably higher rate than condos in other states because of the scarcity of (and resulting high price for) CA detached homes. Note: This U.S. Census chart stops at year 2000.
http://www.census.gov/hhes/www/housing/census/historic/values.html
To adjust for that house size disparity and to use current figures, look… Read More