California’s booming cottage market is turning into a billion-dollar business.
The growing cottage industry is booming, and it’s growing even faster in the San Francisco Bay Area.
The market for cottage products is now valued at $1.8 billion, with a growing number of California residents choosing to live in cottage homes.
According to the Center for Responsive Politics, California’s cottage market grew nearly 8 percent last year.
The most recent data from the Bureau of Labor Statistics shows that California is now home to approximately 1.1 million people who have purchased or leased a cottage.
In 2017, California accounted for $1,766 billion in sales and rental income, and the average house in the state cost $1 million to build.
The cottage industry grew by 20.6 percent over the same period, with prices in the city of San Francisco increasing nearly 15 percent, according to data from The San Francisco Chronicle.
The number of new sales in the area of the city has been on the rise as well, up 20 percent over last year, and is now more than triple that of the entire state.
The San Diego Costa Mesa area saw the biggest increase in the cottage industry last year with a 41 percent increase in sales, according the San Diego Business Journal.
The boom in the industry is partly driven by California’s current drought, which has left many homes and buildings virtually empty.
In some areas, the cottage market has been booming since the end of the Great California Drought in 2017.
“There’s been a lot of interest and there’s a lot more supply, so we’re seeing more demand than we had at the beginning,” says Julie Hensley, a sales and marketing manager for the California Cottages Association.
She says that demand has grown as more and more people have realized that the housing market is not sustainable.
California’s Cottage Sales Boom Is A Good Thing For The State The cottage market in California is growing, and a good thing for the state.
While the market has exploded in popularity, the average home costs are still affordable, as are the prices for a lot less than $500,000.
While many of the larger cities like San Francisco and San Jose have seen the price of a cottage drop, many of these smaller cities have seen a massive increase in cottage sales.
According the California Department of Planning and Development, the number of newly constructed houses in California’s cities and towns grew by more than 70 percent over 2017, and increased by over 50 percent in San Francisco.
Hensie says that the increased supply of houses has been a boon for local businesses and residents, as well as for the county as a whole.
“It’s been amazing,” she says.
“People have bought their homes, and now we’ve got a cottage boom.
The more people that live in this area, the more people are willing to invest and the more homes that are built, the better off the economy is going to be.”
In 2018, more than 20 percent of California counties had more than 500 new rental properties for sale.
That number has grown steadily since 2015, when it was closer to 10 percent.
The rise in demand has helped to fuel a growth in the number and size of new homes.
The average new home in the Bay Area now sells for $2.5 million, and prices in San Jose increased nearly 16 percent over 2016, according data from Real Capital Analytics.
In Los Angeles County, the home prices have jumped over 60 percent over this time, and there are now more units of housing available in the Los Angeles area than there were in 2010, according a report from the LA Times.
The state of California is home to about 3.4 million people, and more than half of them live in cities, according census data.
It is not uncommon for some of these people to move into homes they have been living in for decades.
For example, in San Bernardino, a city with a population of about 690,000, the median home price is $1 Million.
According Hensy, it’s not unusual for residents to rent their homes out, as they don’t want to see the value drop and need to make money.
“They are taking a little bit of a gamble on what they’re going to get,” she explains.
Hinsley is also not surprised that the cottage boom is driving up property values in the suburbs.
“The more people living in the neighborhood, the easier it is to get a mortgage,” she notes.
“We’ve seen a lot, a lot.
But there’s more demand now than there was even a few years ago.”
In fact, as the cottage economy continues to grow, many cottage owners are finding themselves with additional income streams, and even paying their bills from their cottage.
“I’ve got two kids, and I’m just having to pay the bills, so it’s nice to be able to keep up with that, because it’s paying me back,”