California is the place to be, isn’t it?
Even after what has been a modest pull back in home values for areas like southern California homes are still considered to be above the affordability of the average American. Income has not kept pace with the gains some of these markets have seen. Many young families ready to buy their first home can not afford to do so regardless of the market timing. It is almost necessary that 2 adults work to support a household here. Yet if these families were to move to other areas of the country the difference is staggering.