Zillow report: Fewer children born as home values rise
11:40 AM, Jun 8, 2018
(KGTV) - The high cost of living in places like San Diego are forcing many parents to delay when they have children or choose to have fewer kids.
A new report by Zillow shows a correlation between rising housing prices and family decision-making.
According to Zillow, the trend of low birth rates in areas with increasing home values is “most pronounced in pricey California markets.
The report shows San Diego County had the second-largest drop in births when compared to area home prices. Zillow said: “Home values rose 34 percent between 2010 and 2016, and the birth rate fell 19 percent. That translates to 1,148 fewer babies after accounting for the change in home values, the second largest number in the country, after Los Angeles County. Third is Orange County.”
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Zillow also reported: “Raising a child is an expensive proposition, and many couples may be questioning whether now is the right time to have kids or may be choosing to move to more affordable communities before starting a family. Many young adults aim for financial stability before having children, but with rising housing costs, financial stability may be increasingly out of reach -- a 20 percent down payment on the typical U.S. home requires more than $40,000. Home values across the U.S. are appreciating at their fastest pace in 12 years, and are projected to rise another 6.5 percent over the next year.”