The median home value in California is $507,700.
California home values have gone up 7.1% over the past year and Zillow predicts they will rise 2.5% within the next year. The median list price per square foot in California is $296. The median price of homes currently listed in California is $499,000. The median rent price in California is $2,695 [my note - so a 500k place would be cheaper than the rent].
Foreclosures will be a factor impacting home values in the next several years. In California 1.1 homes are foreclosed (per 10,000). This is lower than the national value of 1.6
Mortgage delinquency is the first step in the foreclosure process. This is when a homeowner fails to make a mortgage payment. The percent of delinquent mortgages in California is 0.0%, which is lower than the national value of 0.0%. With U.S. home values having fallen by more than 20% nationally from their peak in 2007 until their trough in late 2011, many homeowners are now underwater on their mortgages, meaning they owe more than their home is worth. The percent of California homeowners underwater on their mortgage is 0.1%.
Obviously, a lot of people are figuring it out ok :)
Here, lets me send you a few dozen articles. Ya don’t mind do ya?...lol
For millennial home buyers, only Honolulu is pricier than Southern California
The High Cost of a Home Is Turning American Millennials Into the New Serfs
Why a lot of people are moving out of California
For every home buyer coming into the state, there are three Californians selling and moving elsewhere, according to data analysis firm CoreLogic.
(Big hint for rb22982, wealthy foreign nationals are buying many of them.)
http://money.cnn.com/2016/11/04/pf/people-moving-out-california/index.html