In California, housing costs continue to soar despite a construction boom. Over the past five years, 556,000 new homes were built, yet the population decreased by around 9,000. This approach has not yielded expected relief in housing prices as income required for homebuying has nearly doubled, now exceeding $218,000 annually for a median-priced home. Increased mortgage rates and skyrocketing home prices, rising 40% over five years, pose additional challenges for prospective buyers, especially in Southern California, which is perceived as more affordable but is still expensive compared to national averages.
The state's housing supply grew by 556,000 during the past five years, but the statewide population decreased by 9,000, questioning construction’s impact on housing costs.
Despite a modest increase in housing creation, costs rose significantly, with the annual income needed to buy a typical California home nearly doubling in five years.
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