Is California affordable now?
![[Post New]](/jforum/templates/default/images/icon_minipost_new.gif){kind=icon}
Anonymous
San Clemente |
Anonymous
| What do folks mean they can’t get home owners insurance in California? Because of earth quakes and fire? |
Anonymous
Anonymous
California law says that insurance companies must make themselves available to all residents in all areas of the state. So people who live in Compton - no wildfire risk, a dozen+ miles from the coast - have to pay a lot more to subsidize those who choose to live in wild fire prone areas. Also, insurance rates are going up because it’s gotten a lot more expensive to rebuild. Materials, labor are thru the roof. |
Anonymous
Dana Point! |
Anonymous
Fires yes, also the cost of rebuilding. Earthquakes no, you carry a separate policy for that if you choose to. it's not required. |
Anonymous
| A few companies (Farmer’s?) are not going to write any new policies in CA but if you have one, you’re grandfathered in. Other companies have raised rates. It is because of fires. Suburban style housing is built in areas that have wildfire risk, but most areas, except for urban centers, can burn easily. Drought and rain contribute both to dry conditions and overgrowth of plants to burn. |
Anonymous
|
Nope California is not affordable (for the most part). Hell compared to California the DMV area is super affordable (this is how damn expensive Cali is).
Although to be fair, DMV (relatively to income) is not that unaffordable. If you are willing to be even a little further away and/or ok with a townhouse instead of SFH, DMV is . You can get things for a decent price in, for example, Rockville (even sfh), or if you want to be closer, get decent Townhomes closer to DC. Just need some compromising. |
Anonymous
|
Good catch PP. big difference between declining home sales vs declining home prices. |
Anonymous
|
Bay Area - South Bay here nope prices are back up. Houses are going for several hundred thousand over list again. I have seen some of the big houses that were rebuilt in 2000-2010 sit for longer. There is more inventory/fewer buyers for the 4+ million houses so the shoddily built ones are sitting but they seem to eventually get their asking price.
|
Anonymous
I just moved from a "high" fire risk region in CA (or extremely high or whatever the highest is). Many of our neighbors were dropped. I think most had to go with State Farm or some state alternative (we had USAA and they did not drop us). Lots of folks were selling because of the cost of insurance and the difficulty in getting it. |
Anonymous
That is how insurance across the board works whether it be homeowners, auto, life, health. |
Anonymous
| California is fantastic if you are rich, otherwise it is very difficult to live in. My fiancé’s parents were middle class in the Bay Area, and they just happened to buy 4 houses over the years in addition to the house they’ve lived in the entire time. We are talking 4 bedroom ramblers, nothing fancy. Now their real estate portfolio is worth about 10 million easily. |
Anonymous
4 bedroom ramblers or 4 br upright beige stuccos built in the 60s in OC in once solidly middle class neighborhoods start at about 1.2 million. |
Anonymous
Extended family in the midwest are FoxNews viewers and solidly believe CA is down the drain place nobody wants to live in and where people are fleeing in droves from. They dont realize that people live becauese is expensive and is expensive because plenty of people want to live there |