Homeownership Dips Almost Everywhere Except the Inland Empire
According to the U.S. Census Bureau, there has been a dip in homeownership nationwide, statewide, and particularly in Los Angeles and Orange counties. But funnily enough, the Inland Empire is showing some progress!
During 2016, an average of 47.2% of households in the L.A. to O.C. metropolitan area lived in homes they owned versus 49.1% in 2015. This is a stark contrast to the rise of ownership in Riverside and San Bernardino counties which sits at 63%.
The Inland Empire most likely noticed an increase in homeownership due to its booming job market and reputation as being “affordable”. The I.E.’s 2 percentage point improvement was actually the 11th best last year among the 75 major metropolitan areas.
Unfortunately, affordability has been a challenge in many markets across the nation. We’re naturally more cautious than ever since the recession that left numerous families financially scarred. Those that do currently own a home are playing it safe by opting stay put longer than usual. Meanwhile, new home construction is rising but is still at a historic low.
So what is there to do about it? Being more lenient when lending money isn’t the solution, but building more lower-cost residences may very well be a step in the right direction.
If you have any real estate-related questions or are interested in buying or selling, don’t hesitate to contact me, Kim Rievley, today. I can be reached at 951-377-3955 or by email at firstname.lastname@example.org.