Published On: August 10, 2023254 words1.3 min read
Our local market remains highly desirable and demand continues to exceed supply. I could find only 233 active listings (homes and condos) in the Conejo, a very small number by any measure for a community with 120,000+- citizens. Only 66 of the 233 were listed for less than $1ml and only 15 of the 66 were Single-Family homes, the majority were condos and townhomes. Marketing times remain below 30 days and prices continue to edge higher. 25 of the 233 were listed for more than $5ml., representing 11% of all local listings.
I asked Chat GPT “How many Americans can afford a $5ml. home?”
“It’s safe to say that only a very small fraction of the population, likely well below 1% would have the financial capacity to afford a home of that value.” – Chat GPT
I asked Google the same question and got nothing better, but I did get this:
“While $840,000 is the bare minimum to afford a $5 million home, most experts recommend having a pretax income closer to $1.2 – $1.5 million to be on the safe side.”
A Google source declares the average annual household income in Ventura County to be $131,015, more than Los Angeles County at $116,482. Chat GPT finds the Ventura County average household income (2021) to be around $90,000, clearly it depends upon who you ask. Given the extraordinary number of self-employed business owners in Ventura County, household income figures (pre-tax, post-tax) may vary widely. I believe our real estate prices are justified given the dramatic rise in local income (wealth) and the record-break wealth transfer from Baby Boomers to their children.