HOW EXPENSIVE IS HOUSING IN CALIFORNIA?
- Average price of a house in CA is $440,000 compared with the national average of $180,000.
- Monthly payments on the average house is $2,314
- You need to earn $92,500 per year to pay for an average house.
- In the Coachella valley, average price is $160,000 with payments of $889 you need an income of $52,000 per year.
WHAT’S THE PROBLEM?
- Not enough houses
- The banks won’t loan money
- Payments are too high
- CEQA law is a barrier to building
- Building costs are too high
- Because interest rates are low, investors don’t invest.