Real estate photos show soaring prices in California
In the midst of a housing crisis, many are finding that their homes are becoming increasingly expensive.
Real estate photos posted on social media show homes in Orange County rising from $7,000 to $17,000 in just a few years.
A $3.5 million home in Anaheim, Calif., is now worth $18.8 million.
And a $2.6 million home on Long Beach, Calif.
is now valued at $24.6 billion.
Here’s what you need to know about real estate in California.
Some homes in California have gone from being affordable for a family of four to becoming unaffordable for a single person.
The median home in California has gone from $2,300 to $4,200 in the past decade.
The average cost of a home in Los Angeles rose by nearly 10 percent over the past five years.
In Orange County, it rose by 20 percent, from $4.7 million to $5.7, according to a report from the California Real Estate Board.
In Orange County alone, the median home is now $1.8 billion.
And in Orange, Orange County has a median price of $1,731,000, according the report.
The real estate industry says it is seeing a surge in home prices as the state’s population continues to grow.
California is expected to add nearly 8.5 percent more residents by 2040 than in 2020, according data from the US Census Bureau.
But that growth will not be enough to offset a $3 trillion housing crisis that has led to a nationwide shortage of housing.
The U.S. Census Bureau says the number of people living in housing crisis homes has nearly tripled in the last two decades.
In some parts of the country, that means that more than 3.5 of every 100 people live in a home that is in foreclosure, according Data.com.