Living in Southern California is notoriously expensive. Living expenses are high, and Los Angeles consistently ranks among the top ten most expensive cities in the nation. In Addition, the state of California has been experiencing a housing shortage for the past several decades. The California population keeps growing, and housing development is not keeping up.
Unfortunately, California homebuilders have recently scaled back in their production of new homes, which will only serve to exacerbate the crisis in the coming years. In the Los Angeles-Orange County metro area, the submitted permits have dropped by 25%, with building permits for single-family homes dropping by 18.5%. This means that there will be even less supply of both rental properties and homes in the coming years. With the California population growing by roughly 0.05% (or more than a million people) every year, it is easy to see that this is quickly becoming a crisis.
Below are some tips for how to find affordable housing even with supplies dwindling:
- Consider living with roommates. This is both efficient and economical.
- Explore the possibility of living with extended family. Living with brothers, sisters, nieces, nephews, and parents can both drive familial connection and help to waylay living costs.
- Consider living further outside the city – this is how suburbs and new urban areas are born!
- If you are looking for a rental property, consider renting someone’s guest house or mother-in-law suite. This way, you can live in a beautiful neighborhood for a fraction of the cost.