The most recent Census report highlights national home ownership rates remained flat at 63.7%. LA, however, continues to lag with a 49% home ownership rate. As we've noted here at Contempo Realtors, low supply, coupled with higher prices can pose a big challenge for buyers. We've gotta make moves and increase supply!
Climbing LA prices means current inventory will be increasingly unaffordable to most Angelinos. Meanwhile, cities like Dallas and Houston are becoming more accessible. With more favorable regulations for development and urban sprawl, Texas certainly has an advantage over California, which is bedeviled with highly restrictive building regulations.
Here's an interesting piece from the Hill about what legislators can do with zoning ordinances to boost LA's housing market.
Are you thinking about selling your home? Do you want to know how all of this impacts you? Please reach out for a free consultation.