There’s a shocking Zillow renter report that’s a must see. If it’s for real, we really need to take it into consideration. We won’t spoil the show by telling you what it says here. Just tune in.
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Small (under 2000 SF), entry level new homes just aren’t being built in the SF Bay Area, even in our far suburbs. The new housing stock consists of huge, expensive homes. Builders supposedly can’t make $$ on smaller homes. ‘Tight guidelines’ is perhaps part of the problem, tho loosening them can be disastrous, as we well know! Slightly looser guidelines + new stock of truly entry level homes will help
So if you visit some of the comments made in 2003-2006 you will hear the same argument. Why would you think making it easier for the entitled generation to get into a property that they would pay it back? Really? First time they hit a bump they will bale out. Go to Vegas, all the renters are there buying $12.00 cocktails and renting $200.00 pool cabanas. You reap what you sew. If they rent their whole life that’s the path they chose! Come on guys, you know looser guides will lead to another REO disaster.
Home affordability has always been a challenge. The truth of the matter is everyone would like to live in the Marina (San Fran), Bel Air, Malibu, La Jolla, Westchester County, but home ownership is still viable if you are willing to drive. I see $400,000 homes in wonderful areas like Temecula but it means an hour drive to the more lucrative jobs (San Diego, Irvine). Changing loan terms or loan products is not the answer; now, for the college graduates, I do feel that their student loans impede the ability to make house payments and to that end; I would like to see all student loans reduced to 3% still giving banks some profit, thereby freeing up cash for house payments. Shared equity used to be a creative platform, not sure if it is still around!