Fewer families with children own homes citing cost
By Ron Trujilloemail@example.com
High housing costs are bad for buyers — but also families and neighborhoods, according to a new report.
As the cost of buying a home climbed during the past decade, the number of families with children living in homes that were owned dropped throughout California, according to a RENTCafe report.
Los Angeles had the biggest decline in family-owned homes, losing 188,000 homeowners with children — or off 22%. Riverside, considered a more affordable option for families in Southern California, had the second-largest drop in the state, at 92,000 families, off a staggering 24%.
San Diego had the third-largest drop in family-owned homes with children at 32,000 (a 15% decline). San Francisco, always a difficult city for families with children, reported the fourth-largest fall at 31,000 (off 10%). Sacramento followed with a loss of 30,000 family-owned homes, or a 17% plunge.
So where are these families going? Many are choosing to rent in the region, despite the heft
y rental rates. For example, families with children renting apartments in San Francisco increased 33% during the past decade, followed by Riverside at 29% and Sacramento at 26%.
However, families with children renting increased only a modest 5% in Los Angeles, meaning many families abandoned the City of Angels to find their own heaven. Of course, many of the families with children, who may have lost their home to foreclosure during the housing crisis, moved out of the region or even the state.
Feature photo of San Jose homes by PBK-PG/Shutterstock
Best city in CA for first-time buyers?
Buying a home is never easy, especially for first-time buyers, regardless of where they live, especially in California. But a new report shows just how tough.
Only one city in the state cracked WalletHub’s Best Cities for First-Time Home Buyers list. Roseville — a 135,000-population city about 25 miles northeast of Sacramento — finished at No. 18, just a step behind Arvada, Colo., and slightly better than Norman, Okla.
Roseville scored well for quality of life and real estate market, while finishing at No. 130 for affordability. Sacramento was the second-highest California city on the list at No. 69, while nearby Vacaville finished at No. 71. Elk Grove, about 10 miles south of downtown Sacramento, finished at No. 83, only the fourth city in California to rank in the top 100.
Broken Arrow, Okla.; Tampa, Fla., and Centennial. Colo., finished in the top three spots. Berkeley was the worst city first-time buyers in the state — and nationwide.