Quote:
Originally Posted by RalliartRsX
So I am beginning to doubt the whole "Cali house market is on the brink of collapse". You have to remember, Cali has a lot going for it; Tech Center of arguably the world for instance. Cali has one of the highest wealth densities in the country.
Folks who attain a certain amount of wealth to afford $700+K houses, are not exactly making stupid financial decisions like the teacher and apple picking couple making $50K a year, being subsidized by the government and jumping into a $700K house which was the major driver for the collapse.
I may be wrong, but the CA of the 2008 crash is not the same CA of 2018.
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That's what a lot of people here think, but you have to think that just because a lot of the nation's wealthiest people live in CA, there's also substantially more non-wealthy people here in CA. I think the average income in Los Angeles is like 55-60k lol. These people start off buying condos, fixer uppers OR houses that are farther out from major metro areas and commute. Think of these as the CA market "hacks".
With interest rates on the rise, I think we are approaching a breaking point in affordability, especially when these hacks are no longer affordable.