By Bob Senel
Culture of California
California is regarded as a cultural haven having its major roots in the Spanish Colonial traditions which are all based on the culture of United States. The culture also depicts some features of Mexican and Asian cultures and the eastern United States. The food of California has integrated traditions, languages and food styles from all over the world. English is regarded as the main language of the inhabitants of California while Spanish is regarded as a second known language all over the state.
The state of California is built on the fertile ground where television and Hollywood industries have dominated the southern area, while the northern part of the city is famous for their food and technology. California is regarded as one of the best tourist spots as it offers the visitors friendly environment along with the sublime weather.
Housing Market of California
The housing market of Southern California is always considered as a hot topic and many real estate experts are of the view that prices are expected to increase in single digit numbers. Hence the most eyed areas are the mid-cities which include Playa del Rey and El Segundo.
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California housing market has become so expensive that it is becoming difficult for the citizens to buy new homes. The situation is valid not only for low-income individuals but it has also become difficult for the middle-class residents to purchase a new home and live in a place which is near their work. Here are some interesting figures which can narrate you the story about California’s housing crisis:
- 1. Officials from Southern California declared a homeless emergency this year.
- 2. As per state realtors association around 75%, individuals belonging to Southern California cannot afford to buy home.
- 3. According to the Berkeley's Institute of Governmental Studies, it is found that 56% state voters will be moving because of lack of affordable housing.
- 4. According to Wall Street, it is found that 16 out of 25 least affordable communities living in the US are residing in California.
- 5. California is required to increase the number of homes built each year in order to keep prices minimum and within reach, which is otherwise rising faster than the national average income.
Economic Condition of California:
California is a state which has experienced waves of migration and its economy was rated sixth in global rankings in 2016. The state has managed to leapfrog the economies of France and Brazil and managed to take this position. Now it is expected that California will be able to maintain its position on the fifth position this year.
It was reported by the U.S. Bureau of Economic Analysis that California’s GDP was $2.5 trillion in 2015, up 4.1 percent from a year earlier. California’s economic growth was found to be at 2.9% last year which was nearly double the U.S. average and the seventh best among the states.
- 1. California’s holds $2.6 trillion economy and is considered as the sixth biggest in the world behind the United Kingdom.
- 2. The state signifies 14% of the U.S. economy.
- 3. Home prices in the state are up 83% from the lows of 2011 and finally surpassed their pre-recession highs in 2017.
Future of California
California’s economic status is stable and the state is expecting to have job growth and be strong over the next five years. Another plus is the $110 billion in venture capital money invested in California companies over the past three years, an amount which is more than five times the total of any other state.
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About Bob Senel
Consultant and trainer, retired general contractor from 1983 to 2012, founder of multiple inspection companies; residential, commercial and industrial inspector from 1978 to the present, California representative for IESO (Indoor Environmental Standards Association), founder of Mold in California and GAPIC (Global Association of Professional Inspectors and Contractors). Affiliations: CCC, CCI, CCPM, ICBO, IESO, CRMI, RMP, GAPIC.
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