After living in the small town of Mammoth Lakes for over 11 years, I’ve seen a lot of friends come and go. This town can definitely be a transient town, as it can be tough to get ahead as a young professional here. Many residents consistently are working two or three jobs to support the high cost of living mixed with the season fluctuations of income. Unlike what you may be used to living in the city, here in Mammoth so many of the jobs are tied somehow to tourism, so that often means a significant decline in income every spring and fall as our tourists numbers drop off between our peak seasons of winter and summer. Therefore, the result is a cyclical micro-economy.
Well in terms of how that translates over to the Mammoth Lakes real estate market, the mix of seasonal income with CA real estate pricing can unfortunately be a dead-end road. When the market was at its peak in 2005/2006, I saw a lot of good friends and families move out of the Mammoth area in search of more affordable house purchasing options. But on the positive side, as the market bottomed a few years ago, I have been successful in helping my young friends and clients pick up both primary and second homes in Mammoth Lakes that fall well within their budget. And that’s the part of my job that I enjoy the most: seeing good people get their piece of the Mammoth dream that I now gratefully call home after all these years.
So as visualized below, you can see that the “young” are feeling good about homeownership; whether just here in Mammoth, or across all California. And whether a “young person” is Gen Y or the Millennials to you, we are basically talking about individuals or couples in their 20’s or 30’s that have always been renters, and see the current real estate market cycle and low interest rates as an opportunity to start building some equity, instead of just paying rent.
As a real estate Broker here in Mammoth Lakes under Resort Property Realty, Inc., I enjoy working with first-time homebuyers. After a decade of constantly being in and out of hundreds of homes within Mammoth, I know the real estate inventory extremely well here and feel I can service my clients with perfection! So whether young or old, or somewhere in the middle, please don’t hesitate to contact me if you would like some free no-obligation information about homes for sale within Mammoth Lakes and the surrounding areas. I’m here help!