Just as the median price of a single home has now hit $1 million in San Diego County, California lawmakers are considering a bill that would help first-time home buyers increase their buying power.
California's low inventory and inflation are raising home prices in an already expensive state. Hopeful first-time home buyers like David Kao and his fiancé are experiencing this firsthand.
Kao and his fiance both have stable jobs as pharmacists and they're looking to upgrade from their one-bedroom apartment. “It's difficult because as much as we want to try to compete with these people by trying to increase our buying power or just being less picky with the first home we're trying to get into, when push comes to shove, you know, someone with a lot more money or more buying power is going to win,” said Kao.
“There's just gotta be a way to get these people into homes, because if they don't get in now, who knows, in the next 20 years, if they'll be able to afford houses in the future,” said Freeman.
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