Data compiled in a Bloomberg report shows that only 16% of California residents can afford to purchase a new single-family home. That makes the dream of purchasing a home and starting a family near-impossible.
Socialism, by its very nature, destroys capitalism and the American Dream. California is socialist.
Bloomberg reports that a buyer needs $208,000 income to qualify for a 30-year loan. Loan payments keep climbing despite prices falling on home.
Only 16% of households could qualify to purchase a median-priced single-family home in the second quarter, the California Association of Realtors reported in mid-August. That’s down from 19% in the first quarter and 17% a year earlier.
The least affordable counties in California are the usual suspects. Mono County, home to Mammoth Lakes, is the least affordable county in the state, with only 5% of residents able to qualify for a home purchase. Santa Barbara (10%), San Luis Obispo (11%) and Monterey and Orange County (12%, respectively), close out the top five.
Los Angeles County came in at 15% in the housing affordability index. San Bernardino County was the most affordable county in Southern California, with an affordability rating of 30%.
Astonishingly, though, that is not where the nightmare ends. The report goes on to say that in order to purchase a median-priced, single-family home in California, residents must have a minimal annual income of over $200,000 to afford it.
Single family homes average $830,620, and buyers need a minimum income of $208,000 with a 20% down payment on a 30-year mortgage. You can get a townhome with an income of $160,400. They average $640,000.
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Socialists took paradise and made it unaffordable for the middle class. Socialists prefer the rich and illegal aliens.
Residents pay more for everything in California – gas prices for starters. Registration fees are higher due to socialist policies.
Then we have Socialist Bidenomics and Bidenflation on top of it. People are burning through credit cards – the new bubble.
Credit card debt is at its highest in the history of the United States, with Americans compiling over $1 trillion in credit debt.
A new report shows that Americans, especially Californians, are living paycheck to paycheck which makes Biden running on Bidenomics look ridiculous.
I still don’t think Biden will be the candidate. I see Democrats pulling a bait and switch at the last minute with someone like Michelle Obama, the popular Marxist. She’s our Evita Perrone.
Socialist Democrats are destroying the State. California has been under one-party rule for decades now. This is what Democrats want for the entire nation, and they’re close to getting it. All they have to do is give the millions of new illegal aliens citizenship or cheat during elections or just imprison opponents.
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