Are we currently experiencing the best economic boom ever with alltime record high stock and real estate prices ? Or are more investors moving their weakening dollars into hard assets like real estate , partly as a hedge against skyrocketing inflation trends ? Can Quantitative Easing ever end , or have the Federal Reserve and U . S . Treasury created a seemingly infinite hyperinflationary spiral ?
Home values have never been higher equity available is more money than the Gross Domestic Product ( GDP ) of Japan , India , and the United Kingdom combined .
The West Coast Gold Rush
The same ICE report identified just five housing markets on the West Coast that represented a quarter of that $ 11 trillion equity number : Los Angeles , San Francisco , San Jose , San Diego , and Seattle . Four of these five core equity cities are located in the Golden State of California .
nation with San Francisco , San Jose , and Seattle ranking first , second , and third nationally for the top average salary , according to CareerBuilder .
The Top 5 Most Unaffordable Housing Regions in many U . S . regions than what we ’ ve all seen in recent times . The Dow Jones index also recently reached an alltime peak high of 40,000 and the NASDAQ surpassed 17,000 for the first time ever .
American mortgage holders may now have access to a staggering $ 11 trillion in tappable equity that ’ s over and above their existing mortgage balances , according to the May 2024 Mortgage Monitor report from the Intercontinental Exchange ( ICE ).
The amount of residential property equity is so massive that if all 48 million homeowners spent $ 10 million of their tappable equity each day , it would take more than 3,000 years to exhaust it , as per ICE . This amount of residential
As per a study released by Zillow , approximately 20 % of our nation ’ s total housing value is in California . With an estimated 40 million residents in California and upwards of 333 Americans across the nation , the state residents represent close to 12 % of all Americans . Yet , our state home values represent a much higher 20 % number as compared with the rest of America .
Homeowners usually need income first to qualify for a thirdparty mortgage to purchase their home . While the cost of living for West Coast residents is typically near the highest in the nation , the salaries paid out by many employers , or the income generated by selfemployed workers , is also among the highest in the
Three of the Top 5 most unaffordable housing regions in America are located in Southern California # 1 Los Angeles , # 3 Irvine , and # 5 Long Beach . Miami was # 2 and New York City was # 4 , as per the RealtyHop Housing Affordability Index for May 2024 .
Average families who earned the median income in Los Angeles must now spend a shockingly high percentage of 99.33 % of their income on home ownership costs , as discovered in this RealtyHop survey . If true , the average Los Angeles resident would have just 0.67 % ( or less than 1 %) of household income left over to purchase groceries and pay for utilities , automobiles , clothing , home maintenance , and other basic necessities if they were actually able to qualify for a home mortgage with those very high debttoincome ratios .
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