Steve Spiro’s Blog
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Rent Control: A Flawed Approach to Housing Affordability
Recent implementations in LA, Concord, and nationwide by the Biden administration aim to cap rent hikes.Experts argue rent control doesn't improve affordability, leads to property neglect, and reduces rental housing supply.
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California Housing: A Squeeze on Apartments
Demand for housing in California remains high, but new multifamily development plans have dropped significantly.Permits for new apartments in the first quarter of 2024 were the lowest since 2014, with only 8,972 units planned.
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The Number of U.S. Homes for Sale Is Slowly Returning to Normal: An ‘Incredible Trend,’ Economists Say
Homebuyers facing high mortgage rates will find an increasing number of homes for sale, with a 35.2% rise compared to last year. Prices are rising seasonally, but more affordable homes are entering the market. Despite longer selling times, homes are selling quickly, with the typical home spending 44 days on the market in May. Continue…
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Salary You Need to Buy a California Home in 2024
Average home price is ~$785K, reflecting the state's expensive real estate market. Requires ~$157K down payment, indicating significant upfront costs.
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Here’s how much you have to make to afford a home in Orange County
Orange County is among California's most expensive areas to buy a home, with only 11% of households able to afford a median-priced home. A minimum annual income of nearly $349,200 is needed to purchase a home in Orange County, significantly higher than the state and national averages. Continue to full article
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Homebuyers Need a Salary of $190,000 in California
Sharp increases in mortgage rates and home prices since the pandemic have driven up the income required to afford a home across the nation. California tops the list with the highest salary requirement for buying a median-priced home, at $197K annually.
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5 States Where Homebuyers Could Save More Than $100K by Comparison Shopping for a Mortgage
High mortgage rates are preventing many from buying homes. A LendingTree study found that borrowers could save an average of $76,410 over a 30-year loan by comparing rates from different lenders. The savings could exceed $100,000 in five states, and even in lower savings states like South Dakota, over $35,000 could be saved. Continue to…
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The Future of California’s Insurance Market
The changing climate makes it difficult for insurers to make a profit with current pricing models. Frequent wildfires and rainstorms are causing insurance companies to leave California.
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Mortgage Rates Move Down; Home Sales and Prices Move up
Mortgage rates decreased then slightly increased, while consumer inflation trended down and retail spending cooled. California's median home price hit a record high, signaling a strong housing market. U.S. consumer prices rose less than expected, potentially leading to a rate cut. California's housing market is starting well, with increased sales and prices. Continue to full…
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California’s Avg Home Insurance Cost in Early Q2
The avg cost of homeowners insurance in the US is $1,915/yr for $300K worth of dwelling coverage. California has a lower avg insurance cost of $1,250/yr, translating to $104/mo.
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