Even California's 'working class' cities are seeing home prices over $1 million: report
CA giving away up to $150,000 for first-time homebuyers
The California Dream For All Shared Appreciation loan program, which was first introduced last year and was so popular that it ran out of the $300 million set aside to help first-time homebuyers in just 11 days, has relaunched, the state announced.
LOS ANGELES - Several California cities once considered "working-class" are far from it now, apparently, as the housing crisis continues to deepen, thus increasing median home prices to a whopping $1 million.
Cities including Bonita, Cerritos, Orange, Placentia, San Gabriel, and Tustin are facing a big jump in home values, the Los Angeles Times reports. According to the publication, home growth rates jumped almost 12% in Bonita and Tustin.
Counties where cities are suffering the most include Los Angeles, Orange, and San Diego.
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A report by Zillow found that California has 210 cities with a median home value greater than $1 million. The real estate marketplace company noted there are only 550 "million-dollar cities" in the U.S., giving California nearly 40% of them.
The median home value in 2023 across California was $789,000, up 3.1% from 2022. The median home value has jumped 33.5% over the last five years.
FOX Business contributed to this report.