Image Up Advertising & Design

| LIFE IN SOLERA | OCTOBER 2024 | 9 Although most of our articles focus on Solera, buyers, sellers, and home ownership issues, we must also pay attention to general trends in California. California has some of the highest housing prices in the nation, both in rents and soaring costs for homes and condos. That has forced some young adults who want to own a home to question whether they can afford places like the Los Angeles area, the Bay Area and Orange County. It's a gradual, slow leak but it's also cumulative and they tend to not come back, mainly because of housing prices, a worrisome trend. Typically, younger residents live in urban centers and older people are more concentrated in exurbs. But housing shortages have pushed young people into far-f lung locales, leading to a youth drain in cities. At the same time, some people who bought homes decades ago are staying in them much longer as they get older, reducing the supply of housing available and jacking up prices even more. According to a recent poll conducted by the LA Business Council Institute with the LA Times, nearly three quarters of renters and those under 35 have considered moving out of the LA area compared with only 37 percent of homeowners and 26 percent of those 65 and older! Additionally, California is not attracting enough transplants in their 20s from other states to balance out the aging population. Of all the people who moved in California in 2022 — either within or from without — just 11 percent arrived from other states — the lowest figure in the nation and a far lower rate than the national average of 20 percent. Lower birth rates are also a concern because the new workforce may not be big enough to support the needs of a large number of retirees. California's birth rate is the lowest it's been in over 100 years. There were nearly 25 births per 1,000 people in 1957 and fewer than 11 per 1,000 in 2021. As a result, schools are seeing a huge decline in attendance. This affects school funding because funding is often tied to enrollment numbers. With a housing and affordability crisis making many Californians thinking twice before having children, the population problem is unlikely to go away soon. Although California's main draws - warm weather and diversity of food and culture – have stayed strong, housing costs continue to hamper potential growth. When other states take young people from California, they steal the future of the economy and begin to degrade the quality of life for everybody else. ~ Source: LA Times July 6, 2024 Sold In Solera Aug. 2 - Sept. 2, 2024 977 Windf lower Rd., 1392 Sq Ft: $390,000 993 Blackhawk Dr., 1392 Sq Ft: $399,500 1183 Lantana Rd., 2127 Sq Ft: $510,000 Sales data based on information from California Regional Multiple Listing Service, Inc. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, veried by broker of MLS. All information should be independently reviewed and veried for accuracy. Properties may or may not be listed by the oce/agent presenting the information. REAL ESTATE REPORT By Glenn and Nona Bradd, Associate Brokers and Residents Housing Prices Drive Out The Young

• Cover