Could you live in 350 square feet? Long Beach hoping micro-housing program can combat housing crisis
LONG BEACH, Calif. (KABC) -- Could you live in a 350-square-foot apartment? As home prices surge in Southern California, some cities are making a push for micro-housing.
Long Beach is working on a pilot program that would build close to 500 micro-units for low-income residents.
The program would last around three years. After that, city council members would evaluate the success of the program before moving ahead with permanent housing.
A new report finds the median home price from Ventura to San Diego counties hit a record-high $550,000.
Experts say low mortgage rates and shrinking supply helped drive home purchasing up 22% in a year. Mortgage rates have shown stability in recent months, buoyed by positive economic data, a strong job market and improved sentiment in the housing market.
The median price is highest in Orange County at nearly $733,000, while homebuyers are paying about $628,000 in Los Angeles County. Riverside County had one of the biggest increases at just over $400,000.
