Welcome to today’s Real Estate news! In California, a groundbreaking study sheds light on the challenges faced by individuals experiencing homelessness and highlights the importance of integrating permanent supportive housing into the medical system. Meanwhile, the real estate market in California continues to see high demand and rising prices, with cities experiencing the fastest-growing home prices identified. Additionally, the surge in construction of accessory dwelling units (ADUs) offers a potential solution to the state’s housing shortage. Discover more about these topics and gain valuable insights into the current state of the housing market in California.
California Housing Study Offers Relevant Insight Into a Nationwide Issue | HUD USER
Released in June 2023, the California Statewide Study of People Experiencing Homelessness is the largest representative study of homelessness in California since the mid-1990s. Researchers interviewed over 3,000 people experiencing homelessness to uncover their individual circumstances and how mental health, substance use, and chronic health issues have affected their lives while homeless.
The study’s findings revealed that medical and behavioral health disabilities, coupled with inconsistent treatment, make those living with these conditions particularly vulnerable to housing instability. To address this issue, the integration of permanent supportive housing (PSH) into the medical system is crucial.
In addition, increasing the housing supply and funding for services are necessary steps to combat homelessness. The panelists emphasized the need to focus on structural issues such as low wages and the cost and availability of housing.
Cities With the Fastest-growing Home Prices in California | Stacker
The real estate frenzy spurred by the coronavirus pandemic continues, though at a slower pace. Buyers are still competing for a limited supply of housing, driving up prices for affordable properties. The typical home value in the United States was $359,402 in April, 4.4% higher than the year before.
Stacker compiled a list of cities with the fastest-growing home prices in California using data from Zillow. Cities are ranked by the dollar change in the Zillow Home Values Index for all homes from the 12 months ending April 2024. The charts in this story were created automatically using Matplotlib. Data was available for 50 cities and towns in California.
ADUs made up one in five new homes built in California last year
In recent years, California has seen a surge in the construction of accessory dwelling units (ADUs), also known as mother-in-law units or backyard cottages. In 2023, one out of every five homes built in the state was an ADU, according to recently released state data. This increase is attributed to legislation that has lowered barriers to ADU construction, allowing homeowners to build additional units on their properties. ADUs offer a potential solution to the state’s housing shortage, providing more housing options and increasing density without changing zoning laws. However, while ADUs have gained popularity, they alone won’t solve California’s housing shortage. There is still a need for other types of housing to be built.