A housing market correction is in the making and the real estate market is hitting rock bottom, but what to do about it?
It’s a complicated topic, but the one thing most everyone can agree on is that there are some areas where there’s no room for rent or home ownership, and there are plenty of others where it’s a good idea to start.
And for the past several years, there’s been a lot of buzz around California’s rental market, which is seeing a significant amount of consolidation among the biggest rental companies and home-sharing platforms.
What are the top rental markets in California and what should people do when they need to rent out their home?
The answers to those questions are pretty much the same in every state and in every county in California.
As the market adjusts, the top cities to rent in are: Oakland (home of Silicon Valley), San Jose, Berkeley, San Francisco, San Diego, and Santa Barbara.
So what are the key rental markets to watch in California, and where do you want to rent your home in the meantime?
Here are the most important points to keep in mind when it comes to California rental markets: 1.
Renters in San Francisco: As of May 20, the average median rent for a two-bedroom in San Jose is $2,400.
In the last two years, the median rent has gone up more than 60% in San José and just below it, in the city of Santa Cruz.
Renting a two bedroom in San Diego can be a lot cheaper, and while it’s still less expensive than the median price of a two or three bedroom home in San Mateo, it’s less expensive when compared to the median prices in San Pablo and the San Francisco Bay Area.
In San Jose there are three other popular rental markets that are seeing rent increases: the San Luis Obispo and Sonoma Valley rental markets, the Santa Cruz and Yolo rental markets and the Santa Barbara, Costa Mesa and El Cerrito rental markets.
In Santa Barbara County, rents are up 10% over last year.
In Sonoma County, rent has increased 7.6% since last year, while in Santa Cruz it has gone down 2.8%.
The median price for a 2-bedroom unit in Sonoma is $1,300.
Rent in San Luis is the second highest in the state, with an average rent of $1.50 per square foot.
2.
Rentals in the San Mateos: San Mateys median price is $3,100.
There are four rental markets for a one-bedroom home in Santa Clara County: Santa Cruz, Sonoma, San Matey and Yuba.
The median rent is $900 in the Sonoma area, but it’s only $800 in Santa Maria and Yountville.
The other two markets, Yuba and Santa Cruz are seeing a lot more consolidation as rents are going up, with the Sonomas median price going up 12% since the end of 2016.
Rent is up 10.4% in Sonomas Yuba, 7.5% in Santa Marias Yuba in Yuba County, and 8.2% in the Yuba Valley.
In Yuba it’s the most expensive rent in the country.
3.
Rent and home ownership in the Golden State: A typical two-person household in San Marcos, a community of 4,400 people on the San Joaquin River, has an annual income of $70,000.
That’s about $10,000 below the median income in the area.
But a typical home in Sonos is worth about $300,000, making the median home in Los Angeles County about $2.4 million, about $30,000 more than the San Marcos median.
In California, the cost of owning a home in California has been rising, and that has a lot to do with the fact that a lot people who are renting don’t have much equity in their home.
There’s a lot that’s happening in the market that’s leading to some people feeling more comfortable renting out their homes, and the biggest question is what to get started with.
While renting in California is still a lot pricier than buying a home, if you’re looking to buy a home and you don’t want to risk getting kicked out of your home by your landlord, there are several different options out there.
You could buy a house or a condo in San Fernando Valley, which has about 1,000 houses for sale.
That has a median price per square feet of $8,500, and it has about 20,000 listings on its website.
The site also has a wealth of real estate listings, with prices ranging from $2 million for a house in the historic Central Valley, to $8 million for homes in the Santa Monica Mountains and Lake Tahoe.
If you’re ready to buy, there is a new platform called Borrow.com, which lets people borrow money without going through a bank, with rates starting at 1
