“Insane to the point that residents are fleeing to other parts of the country because they can no longer afford to live there.”
The story was about on elderly retired woman, who sold her home for $1 million, moved to Tennessee and bought a bigger home.
In SF her house was likely paid off, meaning no mortgage cost. Taxes in CA are based on Prop. 13 which means very low.
She could have very easily afforded to stay, but chose to leave.
The people driving up housing prices, are very highly paid workers, who moved there for the high pay.
As I stated, if the prices are too high, prices will decline. Several have posted this is not (yet) the case.
People pay a lot to live on/near the California coast. Check prices in Santa Barbara, Carmel, LaJolla, Malibu, Santa Monica, Palos Verde Penninsula etc.
I’m familiar, truth_seeker. I’m also aware that CA was badly impacted by the housing crash of 2008. I know CA has long been boom or bust, the foreclosure laws there actually encourage it. I know way too much foreign money, specifically China, has inflated the cost of residential real estate there. You sound as if you’re vested somehow in that cost continuing to increase. I’d suggest divesting sometime soon, especially if you’re leveraged but to take your profit even if you’re not. Don’t get greedy.
There are reasonable prices (comparatively) along the coast oceanside and Chula Vista. Lowest from Santa Barbara to the border.