The 2015 Survey of California Homeowners was recently released by the California Association of Realtors, and it shows that there have been major changes in the real estate market in the state in the last few years. Additionally, there are some significant differences in the situations of individuals who have owned their home for more than 15 years than compared to those who have not been in their residence as long.
Almost exclusively as a result of increases in home prices, the median income needed to buy a home jumped from $56,324 in the first quarter of 2012 to $96,160 in the second quarter of 2015. As a result, many residents have found themselves trapped in their current home. Over a third of those surveyed indicated that they were interested in selling their home, but 64 percent of those said that they could not find a home they wanted in their price range.
Of those who were interested in selling their home, 66 percent of respondents who had lived in their home for less than 15 years said that they wanted a larger home compared to just 34 percent of those who had been in their house for more than 15 years. Two other major differences in people who had lived in their home for less or more than 15 years were buying price and equity. Individuals who lived in a home for more than 15 years paid a median price of $162,000 and had a median equity of $300,000; those who have been in their home for less than 15 years paid a median of $350,000 and had a median equity of $179,000.
