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High Housing Prices Putting Californians on the Move, Survey Finds - 11/22/2004 - Real Estate House Home Condo

High Housing Prices Putting Californians on the Move, Survey Finds

A significant number of Californians recently polled by the Public Policy Institute of California (PPIC) say they may have to pack their bags to escape seemingly relentless increases in the state’s housing costs.

 

One quarter (24%) of those polled say they are seriously considering moving to a less costly part of the state or away from California altogether, according to the survey, which was conducted in collaboration with the William and Flora Hewlett, James Irvine and David and Lucille Packard Foundations.

Residents of coastal areas, where housing prices are by far the highest in the state, are already moving inland, according to another PPIC survey, fueling much of the population boom in the Central Valley.

Almost everyone in the poll (94%) reported that home prices have been increasing in their region, and 84% said they have been climbing a lot. While most residents (82%) said that the skyrocketing housing prices have contributed to the state’s economic vitality, 49% said that the boom has been a bad thing for their families.

 
 

Three in four adults (77%) expressed concern that their children will not be able to afford to buy housing in their area and 31% said that high housing costs are putting a strain on their household finances.

A majority of the Californians who were polled (55%) view the availability of affordable housing as a major problem in their region today, with only traffic congestion, cited by 59%, a bigger concern.

Of the home owners who were surveyed, only 23% said it was very likely and 30% that it was somewhat likely that they would be able to find a home they could afford and would want to buy in their part of California today. Of those who indicated that their homes had increased a lot, only 23% think they could find a home to buy in their area.

Although 86% of the renters in the poll said they were holding onto the hope of being able to buy a home someday, only 18% believe it is very likely they will be able to find one they can afford, and 49% say it is at least somewhat likely.

Other findings in the survey:

  • Two in three residents (66%) said their neighborhoods have a sense of community, a perception that increases with age and length of residence and is higher among home owners.
  • Three in four employed residents (77%) say they are very satisfied (44%) or somewhat satisfied (33%) with their commute to work. But only 52% are satisfied with available public transit options; 32% are dissatisfied.
  • Seventy percent said they would prefer to live in a single-family detached home, even if it meant they had to drive to work and to travel locally. However, a majority (53%) also said they would choose to live in a small home with a small backyard if it meant a shorter commute to work.
  • Forty-eight percent said they preferred to live in a more urban mixed-use neighborhood, while an almost equal number (49%) chose a more suburban resident-only neighborhoods.

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Related Articles:
Wyoming Realtors Report Statewide Growth | California's New Homes Just As Elusive As Resales
Chicago West Side Areas Show Mixed Housing Sales Results | Market Conditions - June 16, 2006
 

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