Less than 1 out of 3 California families can afford to purchase a home: The number of Millennials living at home continues to grow.
ByWe are definitely into housing bubble territory. The latest California affordability figures show that only 29 percent of families can actually buy a home at today’s prices. This is why we are seeing products like the PoppyLoan coming about in the Bay Area trying to bring back the nothing down days of the last bubble. You also have companies promoting their “one-click” mortgages as if taking on $800,000 in debt for a piece of junk in San Francisco is a decision that should be made similar to liking a friend’s video on Facebook of a cat dressed up as a banker. The number of young adults living at home continues to stay at a record high. Of course this is being driven by affordability and more to the point that people simply do not have the incomes to justify current prices. The PoppyLoan in San Francisco, the hub of high income workers, actually states that this loan was made because people had a tough time saving enough for a down payment. That should tell you a lot. So let us look at the latest affordability figures…
