A growing list of California cities are reeling from the ongoing housing crisis, with once working-class towns seeing median home prices exceeding $1 million. According to The Los Angeles Times, Placentia, Orange, Tustin, Bonita, Cerritos, and San Gabriel are all facing a substantial jump in home values. Many of the hardest-hit cities are located in Orange County, San Diego County, and Los Angeles County.
Black said the area has very little undeveloped land, so most people who move to the city purchase older homes and use spare cash to fix them. Many homes are also passed down through families. According to Black, these two factors are increasing the price of property. He noted that the supply and demand constraints of Southern California make the price hikes more understandable. According to Zillow, California has 210 cities with a median home value greater than $1 million.
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Source: latimes - 🏆 11. / 82 Read more »