The United States is one of the wealthiest countries in the world. However, as the nation’s wealth rises, so do the costs of goods for consumers. Included among those costs is the price of homes. According to The Wall Street Journal, the median price of a home nationwide in 2019 was $275,000 (California Home Prices Soaring). In the same study, it was found that this cost increased by more than 50% of the price of a home in 2012. So what does this sharp rise in home costs represent?
The Housing Crisis
The fast rise in housing costs nationwide has resulted in a housing crisis among Americans, which is said by some to be the worst in United States history. CBS News attributes the housing crisis to the fact that American incomes have remained stagnant despite housing costs rising (causes of housing crisis). The majority of families now spend the majority of their incomes on shelter. But did you know that the housing crisis affects some states more than others?
California’s Housing Crisis
While the nation as a whole suffers from a rise in housing costs, the state of California has taken an even bigger hit. According to the same study quoted previously in The Wall Street Journal, over the same time period of 2012-2019, list prices for homes in California rose more than 85% and the median home price in California to $519,000. Therefore, housing costs in California rose faster than the national rate. So what does that mean for current and potential homeowners in California?
Homeowners in Southern California
New housing production in California has not kept up with the number of new jobs created in the state, creating a low supply of homes. If you happen to already own a home, you are statistically lucky to own a piece of the available pie of homes in California.
With that said, if you are considering moving and purchasing a new home, you may want to think twice. In the current housing crisis, it is in your better interest to consider remodeling. With a remodel, you can get the features of the home of your dreams without having to fight among other Californians for one of the limited supplies of homes.
Once you’ve decided to remodel, there are many factors to decide. One you may not think much about is your need for temporary power.
Remodeling and Temporary Power
A-CO Temporary Power Inc. is a Southern California-based premier temporary electrical power service company. They can assist Southern California homeowners with temporary power during their home remodeling projects. Many assume they will have outlets or power to easily plug into during a remodeling process, but sometimes a long extension cord won’t cut it and temporary power systems are required.
When you get an idea of the extent of your remodeling project, homeowners can contact A-CO Temporary Power and they will assist you with any project design services you require. An experienced member of the A-CO team will review your plans, determine your power requirements, and provide you with suggestions for temporary power solutions that will fit your project size. The project design will devise a power system for your needs that is both cost-effective and capable of powering your home during your remodeling process.
Construction and Temporary Power
According to ABC10, California Governor Newsom has promised to create 3.5 million new housing units by 2025, indicating that construction in California will rise soon (housing affordability fails).
If you decide to construct a home or are in the business of home construction in Southern California, consider ACO Temporary Power as a partner during your construction process. With exceptional temporary electrical service options, quality equipment, and a high level of customer service, A-CO will ensure you have the power you need to get the construction job done.
For construction projects, A-CO can help with overhead and underground systems (including temporary power pole rentals), trailer connections, lighting systems, project design, and permit pulling.
For a full list of temporary power services for construction products, visit www.acotemporarypower.com.
