We all know California is a very large place! A population of almost 38 million. A land mass of 158,000 square miles. 3,400 miles of coastline on the Pacific Ocean. The Sacramento Association of Realtors, in it’s recent monthly publication sent to it’s members, published an number of facts about California from a recent State Legislative Analysts Office report. I thought it would be interesting to present them some of them here!
The Economy
California’s gross domestic product, at $2 trillion, ranks 9th in the world. That’s 50% more than the gross domestic product of Texas. California accounts for about 13% of the nation’s total gross domestic product.
Housing
When the “housing bubble” burst, median single family home prices DECLINED by $250,000. In 2011 there were 155,000 foreclosures in California, down 25% from the peak. However there were still 250,000 delinquency notices filed in 2011.
Education
Most of the funding for K-16 education in California comes from the State. Local funding comes from property taxes. Small amounts come from the State Lottery, parcel taxes and local direct levy’s. Federal funding provides for specific programs, such as low income students and students with disabilities.
Taxes
California’s income tax burden is $11.30 per $100 of personal income. This is the 10th highest in the US. The top 1% of earners contribute about 40% of the total income tax revenue. Prop 13, which was passed in 1978, limits property taxes to 1% of the property’s assessed value.
Water
Seventy five percent of the State’s precipitation occurs in Northern California while 75% of the State’s population lives in Southern California. Water delivered from north to south through the State Water Project and the Federal Central Valley Project provides drinking water to most Southern Californians. Some rely on imported water from the Colorado River.
Employment
Unemployment in California for Inland Counties averages 12.2%, while Coastal Counties average 8.8%. The counties of Marin, Napa, Orange, Santa Barbara, San Francisco, San Luis Obispo, San Mateo and Sonoma have unemployment rates below the national average.
Demographics
California’s non-Hispanic whites make up 40% of the State’s population per the 2010 Census. this down from 67% in 1980. Hispanics now make up 38% of the population, up from 19%.
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Rowland
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