California will become a state where renters are the majority instead of homeowners.
Key factors causing the affordability crisis are job growth and a housing imbalance, population growth and demographic shifts in cities, climate change challenges, and stagnant incomes in the face of rising costs of living were some of the causes.
Among solutions possible are expanding the supply and lowering the cost of housing by streamlining the development approvals process and addressing regulatory barriers to housing production.
Also, Expanding access by giving renters a tax credit and developing new mortgage products to increase access to homeownership.
Source: Center for California Real Estate Summit: Housing Affordability and California’s Future.
Tuesday, November 22, 2016
Monday, March 17, 2014
Tuesday, February 4, 2014
Increasing home prices and an improving economy are positive signs for those planning to renovate their homes.
A Houzz report revealed a significant drop in the percentage of homeowners who said they are postponing renovation. Compared to a year ago, those planning to delay remodeling dropped by eight percentage points. And only 11% said they would need to take out a line of credit to finance their home renovations.
Over the next two years, in a “select all that apply” questionnaire, 10% of those surveyed were planning to build a custom home; 40% were planning to remodel or build an addition to their house; and 84% were planning to decorate or redecorate.
The top-five renovation projects planned in the next two years were bathroom renovation/addition (28%); kitchen renovation/addition (23%); flooring/paneling/ceiling replacement (18%); patio or landscape addition/replacement (18%) and windows/doors addition/replacement (15%).
In terms of dollars spent, over the last five years, those surveyed spent an average of $28,030 on kitchen renovations and $10,422 remodeling bathrooms.
Nearly four in 10 home improvement dollars have gone into kitchens in the last five years. The cost of kitchen renovations varied from a high of $54,942, a mid-range of $22,390, and a low of $7,133.
The cost of bathroom renovations varied from a high of $25,018, a mid-range of $10,422, and a low of $2,896.
The top factors driving the desire to renovate were to improve the look, feel and layout of the home (83%); increase home value (54%); improve storage and efficiency (42%); increase energy efficiency (34%); and incorporate new technologies for the home (18%).