“California’s housing crisis continues to spiral out of control.
Just last week, the California Association of Realtors reported that May 2018’s median price for a home in California was more than $600,000, a 9.2 percent increase from May 2017 and hitting a new high for the first time in more than 10 years.
While it’s true that these jaw-dropping averages are largely driven by the Bay Area and other hot markets, e.g., five counties in the nine-county Bay Area have a median price above $1 million, the cost of housing continues to climb across the state.
In Kern County, the median price reached $247,750, reflecting a month-to-month increase of 5.4 percent and a year-over-year increase of 7.7 percent.
It’s not just home ownership that is increasingly out of reach for most Californians. With vacancy rates at all-time lows, rents across the state have soared as well.”