Lancaster, California

In the city of Lancaster, California,  $274,800 is the house worth median. In the last year, the worth of Lancaster houses rose 15.5 percent. And there is the astounding prediction that Lancaster house values will increase 19.9 percent in the year following.

Wow! If a new buyer wants to purchase a new home in the Lancaster market with the astronomical increase in home values, it may be quite a challenge. If a new buyer plans to save for making a down payment on a house, by the time they can have saved that amount of money, the value of homes could have increased so much that they are not close to being able to afford a home.

In the city of Lancaster, per square foot, the list cost median is $165. By comparison, Los Angeles County has a per square foot list cost median of $423 – a huge difference.

For Lancaster homes presently listed, the cost median is $286,500. $268,700 is the cost median of houses that have been sold.

Lancaster has a rent cost median of $1,698. The county of Los Angeles rent cost median is much higher at $3,090.

Foreclosures are a factor when it comes to the housing economics of any particular area. The way it works is that the higher the foreclosure rate for any particular area, the lower the value of houses for that particular area.

In the City of Lancaster, for every 10,000 homes, 2.1 homes go through foreclosure. Los Angeles County has a lower foreclosure rate of 1.6 for every 10,000 homes.

Regarding the process of foreclosure there is a first step that home owners experience. And that is mortgage delinquency. How is mortgage delinquency defined? It is when an owner of a house skips making a payment on their home mortgage.

2.1 percent is the percentage of mortgage delinquencies in the city of Lancaster. This is higher than the United States percentage of mortgage delinquencies which is 1.6 percent.

About 10 years ago, there was a recession in the year 2008. This recession caused major problems for the housing industry. One of the problems was that the worth of houses went down a greater amount than 20 percent in the United States.

As a consequence quite a few owners of homes are presently experiencing being underwater on the home mortgages. What does being underwater on a mortgage mean?

It has the meaning of a home owner having a mortgage debt that is greater than what their house is worth. This is not a good condition to be in, especially if the home owner wants to sell their house. In some instances, they could end up owing money instead of making money when they sell their home.

14 percent is the percentage of owners of houses in Lancaster with underwater mortgages. This is a much higher percentage than that of the County of Los Angeles, which has a 5.9 percent rate of owners of houses being underwater regarding their mortgages.

The city of Lancaster California has an annual median household income of $49,057.