We are already aware of the high cost of living in the state of California yet continue to see pockets of affordability across the region, giving hope to first-time homebuyers and those looking to move into the world of homeownership. One place in the state though that is seen continually developing trends that are hostile to this notion is the Placer County area. It may come off as a negative thing to say, but if we’re going to make the market appealing to homebuyers, we need to begin looking at the cost of living.
Within the last 10 years, the median cost of a starter home in the Placer County area has risen by almost $100,000 per home. This leaves most options in the County sitting close to a quarter million each. Though this may not seem like much for those who are already established in homeownership, for those looking to buy their first home or to upgrade from apartment living, this can be a highly daunting numerical figure to face and one that may just send them back to condominium or apartment living for the foreseeable future.
This is a detriment for a number of reasons. Firstly, it makes the area less attractive for younger families and first-time homeowners to turn to the Placer County area as the space in which to begin their lives and secondly, the rising cost of homeownership in the Placer County area also affects our capability to draw in business, as often the community is a deciding factor when business owners are looking for a place to set up shop or to expand. Without being able to properly address the situation, we may see more long-term homeownership in the region, which has its own ups and downs.
Having community members who choose to call the Placer County area home over the course of decades is always a great foundation to have but it also takes being able to draw in new individuals from all walks of life to allow diversification as well as to expand on the demographics we have area in order to make the Placer County area more appealing to businesses of all sizes and types. By being able to present affordable options to prospective homebuyers, we not only ensure that their futures are secured by that we are also benefiting our own.
It can be difficult to come up with the exact solution to situations of this nature. It’s not like we can just magically wave a wand and shed thousands of dollars from the cost of homes in the area. But in order to make the region more attractive, we do have to begin to seriously look at our capability to open our communities to newer members and in order to do so have to ensure that we have the means to allow them to set their own roots. Whatever the future brings, we hope that it’s one of inclusion and possibility.