The U.S. LEAST affordable housing markets for middle class? #’s 1, 2, 3, 5, 6 & 7 all are in California
For most individuals, California’s expensive home prices are a far bigger problem than our highly progressive tax structure. For the really well-to-do who carry most of the CA income tax load, housing costs are a secondary problem. But for the middle class, it can be a dream killer.
Below is a key excerpt from a current, informative article comparing the affordability of homes for the middle class in 100 national markets — recently summarized in a U-T article I can’t replicate here. Not surprisingly, California ranks poorly. We have the worst local market in the nation by far (San Francisco). But we also have the 2nd(Orange County), 3rd(Los Angeles), 5th(my San Diego), 6th(San Jose), and 7th(Ventura County) worst housing markets.
What makes theses homes so expensive is the subject of another post. But suffice it to say that intense government opposition to housing (reflected in VERY limited available land), massive housing “fees” and environmental regulatory and litigation madness make California housing anything but a free market.
What makes this housing survey particularly… Read More