Inland Empire feeling pinch of high home prices

Inland Empire residents are seeing greater dwelling costs, and the renters are feeling the strain.

Henry Reyna, who rents in Upland, mentioned it’s been practically not possible to afford to purchase a house.

“I haven’t been capable of do it,” he mentioned. “Simply saving cash, paying my lease for one factor month to month, after which making an attempt to save cash to place a down cost, I discovered it actually laborious, after which then the costs which are on the market for what I can afford, what I’m eligible for to purchase a house.”

One other renter, Erica Taylor, famous that her commute from her rental dwelling in Rancho Cucamonga to her work in West Covina would possible worsen if she discovered a house to purchase.

“It could imply driving me additional away two hours from the place I work, and even then, I feel the costs are nonetheless far too excessive,” she mentioned.

It doesn’t assist that California has been seeing report highs for dwelling costs, which Oscar Wei, deputy chief economist of the California Affiliation of Realtors, mentioned is because of an absence of availability.

“With stable demand however not sufficient provide — we’ve got been having a provide scarcity for fairly some time now — however not having sufficient provide, it truly pushed up dwelling costs throughout the state,” Wei mentioned.

When will this pattern ease for these seeking to purchase a house?

“Beginning perhaps in about June or July, that quantity will in all probability begin leveling off a bit. It could truly keep at an identical stage for somewhat longer,” Wei mentioned.