A fire-damaged three-bedroom home in Torrance sold for over $1 million, illustrating California's severe housing affordability crisis. The property, damaged in a 2024 fire, was bought by an investment company.
- The 1,140-square-foot home sold for over $1 million in a probate sale last June. - Only 46% of California households could qualify for a bottom-tier mortgage in 2026, down from 57% in 2019.
- The average bottom-tier home in California costs $472,000, 30% more than a mid-tier home elsewhere in the U.S. - The fire was caused by clutter near a floor furnace, forcing a disabled elderly occupant to escape.
This sale underscores the challenges faced by first-time homebuyers and renters in California's competitive market.