Why are homes so expensive in the state of California?

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asked Jul 1, 2017 in Real Estate - Renting by Nonis (310 points)
I'm looking through Zillow just out of boredom and looking at nice homes in California and even some non really nice homes and they're expensive. I saw one for 17 million dollars and the payments would be $66,000.00 a month and $36,000.00 a year property taxes.

I'd love a nice home like those even if I could afford it but but I feel that much money could be better spent elsewhere.

What happened if you lost your income entirely even if you were rich and couldn't pay the $36,000.00 per year property taxes and the payments?

I mean $66,000.00 per month is a lot of money to come up with if you lose all your rich income.

2 monthly payments of $66,000.00 I can have a brand new home built in some other cheaper areas even if it's not as big as the ones in California.

It is possible for a Millionaire to lose their income.

1 Answer

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answered Jul 11, 2017 by chad (14,670 points)
This question peaked my interest to look through zillow at homes in California to check out the prices and wow. They are indeed expensive out there.

I saw a house on zillow that was built in 1905 and recently remodeled. It's price is $799,000.00 That might give someone a heart attack.

I thought I was paying too much for my house that was built in 1906 making it 111 years old. I got my 1906 house for $30,000.00 and it needed to be gutted completely before moving in.

I haven't got it quite finished just yet but for the price of the home in Los Angeles California I can completely redo this old house and make it like brand new and still have money left over to build a brand new home where I live.

I guess they're expensive because the place is really sought out by people out there. That's just a guess. I've never been out there but would like to visit one day. But I'll stay in my small town if it means I'd have to pay nearly a million dollars for an old remodeled house.

https://www.zillow.com/homes/for_sale/Los-Angeles-CA/pmf,pf_pt/20603064_zpid/12447_rid/globalrelevanceex_sort/34.623037,-117.541352,33.416541,-119.282685_rect/8_zm/

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