Opinion: What Calif. has is a housing catastrophe
By Erika D. Smith, Sacramento Bee
We do a lot of talking about the housing crisis in this state. But I’m beginning to think the word “crisis” isn’t strong enough to convey just how alarmed every Californian should be that the cost of meeting a basic necessity of life – you know, shelter – is devouring entire communities with no signs of slowing down.
Seriously, just check out the data from the latest parade of housing reports.
According to the California Association of Realtors, only 32 percent of households statewide can now afford to buy the median-priced, $496,620 home. In Sacramento County, one of the fastest growing markets in the Golden State, a mere 46 percent of households can afford a home for the median $319,720.