I know someone who bought in CA in the 70s for $37K.
In 1990, when panic-buyers were bidding up asking prices just to get in, & $300K seemed high, his house appraised for $500K.
He still lives there, & I don’t even wanna know what it’s “worth” now..
Due to continuous residency, though, his property taxes have risen gradually & aren’t *as* high as would be had the house flipped repeatedly.
OTOH, has anyone seen what’s happening with RENTS in CA?
Predatory landlords are turning apartments into AirBnB, “dorms” & “hostels.”
They’re renting out BUNK BEDS — 4 or more bunks to a
room, 20 or more in an apartment, with shared bathrooms & kitchens, & “social rooms.”
BUNKs by the month cost what a 1 or 2 BR did a year ago $1000 up.
A 1 or 2 BR apartment will cost $36-48K per year.
Getting in requires 1st & last month + deposit.
I’m hearing of employed people literally being priced out of their apartments & evicted, sleeping on the streets or in their workplaces, while struggling to hold onto jobs that pay LESS THAN RENT.
What you are describing is exactly what is wrong with the California housing market.
And the reason why tens of thousands are homeless and sleeping in the streets of Frisco and LA.