California homebuyers in March paid a lot more than those who rent — including more than twice as much in the Bay Area. Also, higher rates leads to a dramatic drop in mortgages.
Lower home prices and mortgage rates made buying a home slightly more affordable during the first quarter. Also, more than half of renters pay more than 30% of their household income on rent, a financial challenge for many low-income families. And the Best Places to Live in California.
California has enjoyed a mini-boom in new-home construction despite more people leaving the state. Also, home prices are dipping lower with higher mortgage rates, Redfin and Zillow enter the ChatGPT world and home equity drops slightly.
Also, the voter-approved, wealthy-abhorred mansion tax has started in Los Angeles. And the percentage of single women who own homes declined in 2022.
Big prices likely encourage more Californians to stay in their homes longer, a federal bill could cut capital tax gains related to home sales and mortgage applications plummet.