California’s workforce continues to grow … but it’s not all good news.
Employment in the Golden State hit a record high of 18.5 million in April, but rising home prices and a limited supply of housing are driving some people away, according to the latest UCLA Anderson Forecast.
The outflow of people leaving California is small, the study said, comprised in part of retirees who have been waiting for the equity in their homes to rise so they can sell and move to less expensive locales.
There’s no doubt that home prices are high and still rising.
Los Angeles County’s median home price hit $590,000 in April, a 7.3 percent increase from a year earlier. Orange County’s median price rose 5.9 percent during the same period to $715,000. San Bernardino County’s median price showed a 10 percent year-over-year increase in April, rising to $330,00, and Riverside County’s median price rose 6.1 percent to $375,000.
If you own a home you’re on the upside of this equation because you aren’t facing the challenge of buying a house. Instead, you’re watching the equity in your home steadily rise. That’s why it’s important to make sure you have adequate insurance coverage.
But if you do move to another state at some point, the list of perils covered by your insurance company may vary, so it’s important to know what your policy will cover. If you’re in Florida, for example, you’ll have to worry about hurricanes, sinkholes and flooding. Make sure you check to see what your policy covers!
Questions? Call Carol Smith at 661-803-3803 or visit insurancescv.com.