California Governor Gavin Newsom appears to be living a life of luxury, with recent reports revealing that he has upgraded his living situation. Newsom, who has lived in a $3.7 million home in Sacramento County since 2018, has now purchased a $9.1 million mansion in Marin County, just north of San Francisco. The six-bedroom property boasts features like floor-to-ceiling windows, a swimming pool, and a spa. While the Governor’s office has not officially confirmed the purchase, a spokesperson did say that Newsom and his family continue to divide their time between Sacramento and Marin counties. The family also intends to maintain their residence in Sacramento.
The steep price of real estate in California, particularly in areas like Marin County, is no surprise. Zillow estimates the average home price in the county at $1.45 million, significantly higher than the U.S. average of around $359,000. California’s housing market, known for its high prices, remains one of the priciest in the country, with the average home in the state costing over $770,000.
However, you don’t need millions to tap into California’s lucrative real estate market. For those looking to invest without purchasing property outright, Real Estate Investment Trusts (REITs) offer an accessible way to participate. REITs own, manage, or finance income-generating real estate and distribute most of their income to shareholders in the form of dividends.
Two notable REITs with a focus on California’s real estate market are Essex Property Trust (ESS) and Rexford Industrial Realty (REXR):
- Essex Property Trust (ESS) targets apartment communities in high-demand markets like Southern California and the San Francisco Bay Area. The company owns over 62,000 units across 254 properties, with over 80% of its income coming from California. Essex currently pays a quarterly dividend of $2.45 per share, offering an annual yield of 3.2%.
- Rexford Industrial Realty (REXR) specializes in industrial properties, focusing primarily on infill markets in Southern California, the largest and most in-demand industrial market in the country. The company owns 424 properties, totaling about 50.3 million square feet of rentable space, and provides quarterly dividends of $0.4175 per share, resulting in an annual yield of 3.88%.
For those who prefer alternatives outside of the stock market, crowdfunding platforms like Arrived allow everyday investors to put money into rental properties with as little as $100. Investors can choose from a curated selection of homes with promising returns, enjoying rental income without the hassle of property management. Another option, First National Realty Partners (FNRP), focuses on necessity-based commercial real estate, offering opportunities to invest in properties leased by national brands like Whole Foods and CVS.
These investment vehicles offer ways to get exposure to California’s thriving real estate market, even without millions of dollars to spend.
- New SNAP benefits confirmed for December – $1,751 payment date in these states - November 27, 2024
- Who will receive their SNAP payment in Florida this week? Eligibility and payment day - November 27, 2024
- Smirnov Faces Tax Charges Amid Ongoing Legal Troubles Over Biden Bribery Claims - November 27, 2024
