This year, average housing costs in California have reached close to $750,000, reported by real estate sites. According to Zillow, even the in-state median rental market is closing in on $3,000 and steadily increased since last year.
The upcoming generation of Californian homeowners faces the struggle of establishing their foothold in the door, figuratively and literally, given the challenges of affordability and availability of in-state housing.
When economics student Ethan Majid was asked on the probability of a college graduate finding ease in America’s current real estate market, he discouraged the idea.
“On top of the housing cost increase, most graduates will probably leave college with student loan debt and the job market is not the best right now,” said Majid. “I just don’t think it’s realistic.”
Heavily-populated cities in California with a demand for living, including Los Angeles, San Francisco, San Jose and San Diego, have more than half of its listed homes now surpassing $1 million. Economics Lecturer Edmond Wu touched on this topic and the harsh reality of seeking home ownership as a young adult in California.
For the full length article, visit https://thepolypost.com/news/2023/10/10/million-dollar-price-tags-pose-as-a-obstacle-to-cpp-students/