CalMatters: California homeowners enjoy large wealth gains while more people get priced out ...Middle East

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CalMatters: California homeowners enjoy large wealth gains while more people get priced out
source : Ukiah Daily Journal ( Middle East ) () 48
One of California’s many socioeconomic divisions is homeownership. California has the nation’s second-lowest percentage of residents living in homes that they or their families own — 55.5 percent, one percentage point higher than New York. But those owners are sitting on immense equity, roughly $2 trillion, thanks to the state’s highest-in-the-nation home prices. Last month, the median price of single-family home in California was $868,150, according to the California Association of Realtors, more than twice the national median. “Monthly payments for a newly purchased mid-tier home — including mortgage, taxes and homeowners’ insurance — have increased dramatically over the last couple of yea

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