Home values in California rose dramatically over the past two decades while household incomes have not kept pace — a gap having a profound impact on the state’s Latinos, which make up almost 4 in 10 residents.
While household incomes rose by about 23 percent from 2000 to 2019, median home values increased by roughly 180 percent, according to a new report by the Terner Center for Housing Innovation at the University of California, Berkeley.
San Joaquin County, where Latinos make up over 40 percent of residents, saw a significant drop in affordable homes for middle-income families: In 2010, 91 percent of homes sold were affordable to middle-income families. The number has dropped to 58 percent, with similar trends in other counties, including Alameda, Santa Clara and Riverside.
“These areas that used to be affordable to working-class families, middle-income households, are increasingly becoming out of reach,” David Garcia , a policy director at Terner Center who co-wrote the report, told NBC News. “I think what a lot of people don’t always realize is that these [people] are essential parts of our workforce. These are people who are gainfully employed, and pay a percentage of their income towards their rent to stay […]