For Star subscribers: In cities across the West, the average price of buying has spiked 25 percent in the past year, pushing the American dream of home ownership further out of reach.
Note: This story is part of Squeezed Out, a series from Lee Enterprises that focuses on the escalating housing crisis in the West. Across the region, costs associated with renting or buying property have skyrocketed, forcing many individuals and families to redefine the meaning of home. More than one dozen reporters, photographers and editors across the West contributed to this project.
Landlords are jumping into the frenzy and selling rental properties, driving apartment availability down and rents up. “I was very discouraged,” Padilla said. “We’re trying to build a life here and be a part of the community … but Napa is trying to push us out. It felt like we weren’t welcome.”“I knew that was the game we were playing,” Padilla said. “The listing price was never the asking price; it was the starting price.”
Caroline Helper pulls down the shades in the baby’s room at the house she and her husband, Adam Padilla, bought back in December in Napa on Sunday. Ms. Helper and Mr. Padilla were finally able to buy a “fixer upper” home after an exhaustive search. Caroline Helper and Adam Padilla along with their new born baby, Ezra, are seen in the kitchen of the home they purchased back in December in Napa on Sunday. Ms. Helper and Mr. Padilla were finally able to buy a “fixer upper” home after an exhaustive search.
Caroline Helper and Adam Padilla along with their new born baby, Ezra, are seen in a room that they hope to convert into an open sun porch at the home they purchased back in December in Napa on Sunday. Ms. Helper and Mr. Padilla were finally able to buy a “fixer upper” home after an exhaustive search.
Caroline Helper pulls down the shades in the baby’s room at the house she and her husband, Adam Padilla, bought back in December in Napa on Sunday. Ms. Helper and Mr. Padilla were finally able to buy a “fixer upper” home after an exhaustive search. Caroline Helper and Adam Padilla along with their new born baby, Ezra, are seen in the kitchen of the home they purchased back in December in Napa on Sunday. Ms. Helper and Mr. Padilla were finally able to buy a “fixer upper” home after an exhaustive search.
Caroline Helper and Adam Padilla along with their new born baby, Ezra, are seen in a room that they hope to convert into an open sun porch at the home they purchased back in December in Napa on Sunday. Ms. Helper and Mr. Padilla were finally able to buy a “fixer upper” home after an exhaustive search.
That resulted in growing savings accounts and, as weeks turned into months at home, juggling a laptop and a toddler, many people decided it was time to move up from an apartment to a house, or to trade their starter home for something roomier. Investors got in on the action, snapping up homes and flipping them into rentals for younger, remote workers wary of committing to a 30-year mortgage.But the sizzling hot market continued into 2022, when inflation and rising gasoline prices started to take a toll.Mortgage rates went from around 3 percent at the beginning of the year to a current average of about 5.5 percent on a 30-year loan.
When the couple found a home they liked, they were advised to act quickly and offer more than the asking price. After the condo they rented for the first year was put up for sale, Cubbon found their current apartment.
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