Towns once known for their affordability are seeing sharply rising home prices.
California towns once known for their relative affordability are quickly becoming ‘million-dollar cities,’ reports Terry Castleman in the Los Angeles Times.
According to Zillow, home values in cities like Tustin and Placentia in Orange County grew by almost 12 percent last year. “California has 210 cities where the median home value is more than $1 million, representing a sizable portion of the 550 so-called ‘million-dollar cities’ in the U.S., according to Zillow. California has more million-dollar cities than the next five states combined.”
California added 12 cities to the list of million-dollar median prices last year. On the other side of the country, New Jersey added 14 cities to the same list. In some cases, restrictive zoning and historic preservation rules throttle new development, driving up housing costs and driving more residents out of state.
FULL STORY: California housing crisis: Once-modest towns are becoming ‘million-dollar cities’
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