Despite high mortgage rates of 7% and affordability challenges, California's housing markets, particularly in Southern California, continue to thrive. Job growth has surpassed expectations, with sectors like business and professional services projected to grow 20.5% by 2030. Though employment may experience short-term setbacks due to the LA wildfires, which led to significant unemployment claims, the population in major Southern California metros has grown over the past two years. The trend of migration into the region is expected to continue, leading to a growing demand for rental options like apartments and build-to-rent communities.
Although more and more households find homeownership unattainable in this region, the out-migration trend has reversed course. The population of all major Southern California metros has increased over the last 2 years.
Despite rising mortgage rates and affordability challenges, California's housing market thrives, fueled by job growth and a reversal in out-migration trends.
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