Title: Where Will Our Children Buy?
Some have likened living and raising a family in the wonderful community of Diamond Bar to the “fantasyland life experienced at Disneyland”. Many longtime residents of Diamond Bar have worked their way up to being able to afford this safe and beautiful community. The comparison of where they live now to where they were raised leads to that dialogue. The question that came up in conversation the other day (and has at many previous times) was, “Where will our children be able to afford to buy a home?”
A few weeks ago I wrote on the decreasing affordability of housing in Diamond Bar. The issue is being raised in many communities across the country, so it is not a problem unique to Diamond Bar. The issue is fairly simple…the price of housing is more expensive the more desirable the Community is. Diamond Bar is one of the safest communities in the State of California, and the housing stock is newer in comparison to many of the surrounding neighborhoods, making it a very desirable and highly competitive market. It is renowned for its high performing schools throughout the world, and foreign nationals seek to purchase homes in Diamond Bar for that very reason.
A few weeks ago I wrote an article detailing the median income necessary to qualify for the median sales price of a detached single family residence (SFR). It was quite an eye-opener to see that the annual income necessary to qualify to purchase that home was $165,000.00. Not only is that income necessary to qualify, but in order to do so, a buyer would have to put $150,000.00 as a down payment. Quite a daunting task for most 20-something or 30-something year olds.
The answer to the question “Where will our children be able to afford to buy a home?” raised above came quickly from someone who overheard our conversation…”Far, Far away!” came the immediate response! The higher the prices go, the further one has to travel inland to find affordable prices…Think Inland Empire, or even further into outlying less expensive communities. Many are choosing to go to other states, such as Nevada, Arizona, and Texas. Those are definitely more affordable Housing markets!
This article was written by Nef Cortez who is a licensed Real Estate Broker, Ca BRE # 00560181, licensed since 1976. He can be reached for more information via e-mail at email@example.com, or website www.nefcortez.com. Please feel free to email any questions regarding real estate.