Thursday, November 18, 2004

One in four Californians consider moving

From the Associated Press:
A fourth of all Californians are thinking about moving–either out of state or just to another town–to bring down their housing costs, a new survey shows. High rents and rising home prices have residents, particularly younger ones, rethinking the value of the mountain views and ocean shores they say they treasure. Of the respondents under 35, for example, nearly half say they might relocate to somewhere cheaper.
California's traditionally high mortgage costs are also further discouraging renters, the survey reports. Only one in five who hope eventually to buy a house are confident they can do it.
The results dovetail with findings this month by the California Association of Realtors showing that only 19 percent of the state's households can afford the state's median-priced home of $465,000. That's a 5 percent drop from a year ago. Nationally, the median-priced home was $186,600 in September.

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