California’s Housing Crisis Is Drowning Renters. Houston’s Housing Boom Is Flooding Everything.
The following is an excerpt from Henry Grabar | May 20, 2016 | Slate.com |
Million-dollar homes are popping up across coastal cities like a case of golden chicken pox.
According to an analysis by Trulia, San Francisco made the most dramatic vault into the seven-figures. In 2012, 1 in 5 SF homes were worth $1 million; today it’s 3 in 5. In San Jose, California, the percentage of million-dollar homes rose from 17 to 46. Rounding out the top 10 cities where the percentage jumped the most: Oakland, Orange County, Los Angeles, San Diego, Ventura County, New York, Seattle, and Honolulu. It’s a good group of cities to support the argument for geography’s influence on housing prices.
Or, equally, California’s influence on housing prices: Of the 10 housing markets with the greatest percentage increase in million-dollar homes, seven are in California. California homeowners are becoming millionaires like it’s going out of style. Not just in the bay, either, but also all down the Southern California coast.
The census estimates released on Thursday offer some context: In the 12 months ending in July 2015, California added just 80,000 units. Harris County, Texas, the sprawling home of Houston, added 37,000. This fits the five-year pattern. Since 2010, America’s most populous state has built 300,000 units; Harris County has built 121,000. (Texas as a whole has doubled California’s total in that time.)
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