May 4, 2017
The California Department of Finance reported that the state’s population hit 39.5 million. The addition of 335,000 residents last year equated to a 9% increase over the previous year.
Sacramento grew the most, 1.4%, of the 10 largest cities. Los Angeles, San Diego and San Francisco each grew by 1.1%, while San Jose grew by 0.9%. Los Angeles’ population exceeded four million, while San Diego grew to more than 1.4 million and San Jose grew to more than one million.
Even though California added nearly 90,000 new housing units, an increase of more than 31% from the previous year, it wasn’t enough to keep up with demand. The total number of units in the state exceeded 14 million for the first time.
The state estimates 180,000 new units are needed annually to meet the overall housing need. The housing crunch has fueled skyrocketing prices for renters, as well as homebuyers.
For comments, questions or concerns, please contact Dennis Kaiser