Are more young people buying homes in Berkeley?
Lower-than-average mortgage interest rates and a wide variety of housing options are just a few of the reasons many younger people are exploring real estate market opportunities. In fact, many homes for sale in Berkeley feature excellent amenities that make them attractive to people in their 20s and 30s.
According to the San Francisco Chronicle, recent statistics show that more young people are interested in owning homes. Karen Rogers, a California resident, is one of many Golden State citizens who recently decided to acquire a residence because the real estate market conditions were more favorable for homebuyers.
"I figured if I waited a while, I would be able to save more money and the housing market would become more affordable," Rogers told the news source.
The economic recession that plagued many Americans in the late 2000s appears to be over, and more people could explore the real estate options available in the future.
"People are getting more secure in what they think the future will be," Robert Denk, senior economist with the National Association of Home Builders, told the newspaper. "Young people are moving out of their parents' homes or giving up their college roommates to set up their own houses."
A tight housing market in California
Hans Johnson, a demographer with the Public Policy Institute of California, pointed out that a difficult labor market has led many younger California residents to form their own households rather than take on roommates. He noted that the tight housing market reflects the significant interest in Golden State homes, as demand steadily outpaces supply throughout many areas of the state.
"I don't want to jump the gun, but certainly in the [core] Bay Area it's pretty clear we see evidence of shortages," Johnson told the news source.
Younger residents who have the financial resources available could easily invest their funds in property and enjoy new businesses when they make their way into Berkeley.
Microbrewery comes to Berkeley
New businesses like The Rare Barrel, a microbrewery, are helping many residents improve their careers.
The Daily Nexus reports that The Rare Barrel plans to open a new production facility in West Berkeley next year. This microbrewery is known for creating a craft beer that features a distinct sour taste, but the company's success in 2012 has made a long-lasting impression on some local residents.
Alex Wallash, one of the microbrewery's owners, noted that his company chose to set up its production facility in West Berkeley because of the city's mild weather and to potentially expand its operations. West Berkeley is commonly known for a diverse and hip scene, and customers who visit the new microbrewery will be able to taste beer on-site.
Berkeley is home to many well-educated residents
Younger residents might be drawn to Berkeley because it is a hip place to live that features a thriving business community, and may also be interested in the city's educational opportunities.
The 2010 U.S. Census showed that the percentage of Berkeley residents 25 years of age and older who had earned bachelor's degrees or were high school graduates was higher than the state's average. This city boasts several higher-education facilities that provide world-class learning experiences and are easily accessible for local residents.
For example, the University of California, Berkeley, had a student enrollment of 36,142 during the fall 2011 semester and has helped students reach their career goals since it was established in 1868. This school features more than 130 academic departments and over 80 interdisciplinary research units to further assist students.