Why housing in California is so expensive
Фото: Depositphotos
Journalists of an influential newspaper The New York Times decided to find out why housing on the coastline of California is worth fabulous money. But rental housing in these areas tops the list of the most overvalued places in the country.
Purchase and sale
As the graph below shows, San Francisco ranks first in the overpriced real estate rating. According to economists, a standard house in this city should cost about $ 300 thousand. But in fact, buying a house in San Francisco will only work for $ 800 thousand (as of 2013 year). Further in the list you can see cities and areas in the coastal part of Southern California
More and more Americans are moving east. Now more and more residents of the United States are moving to cities such as Sacramento, Fresno and Riverside.
Administrative barriers and local laws
Journalists found out that overpriced housing prices are caused by regulatory barriers. For example, you have to pay for design, environmental expertise. On the last it takes a lot of time, and the owners, upon delivery of the project, are forced to overstate the cost in order to recoup a simple object.
Another reason for the high cost of square meters is laws. Californian cities have perhaps the most restrictive building laws in the country. Therefore, in some cases it is very difficult to obtain a building permit - hence the reluctance to build new houses and, as a result, a shortage of housing. Of course, this problem affects small coastal towns more than densely populated Los Angeles.
Read also on ForumDaily:
How To Buy Affordable Homes In The San Francisco Area
How much to earn to buy a house in San Francisco
What kind of housing can you buy for $ 300 thousand in different states?
Where to rent cheap housing in the US. LIST of residential complexes throughout the country
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