https://ipropertymanagement.com/research/homeownership-rate-...
It is the second lowest number in the country, but I always find articles like these a bit of a contrast compared to the actual home ownership statistics.
Many people in California own their homes because they bought them a long time ago and held on.
Home ownership is the present indicator of home ownership.
Move back in with your parents? Rent a room from a live-in-landlord because you can't afford your own place? Congrats, you are a "home owner" according to that number!
https://ternercenter.berkeley.edu/wp-content/uploads/2023/05...
> We define an owner as someone who3 A TERNER CENTER RESEARCH PAPER - MAY 2023both (1) lives in an owned home and (2) is the householder or spouse of the householder
In short in 2021 California's homeownership rate was 44.7%
At the age of 25-35 when one at one point might have been expected to get a cheap "starter home" It's actually 15.5% 35-45 when people are well into the prime of their earning years its 39%.
Most of us are stuck renting apartments owned by giant greedy corps or houses owned by older people who bought in when it was still possible for more average folks to do so. As prices go up look to see that growth in income sustained by renting out more properties by the room instead of by the building something already evident in higher priced markets like urban settings.
I for one look forward to 70 year olds try to justify why a singular house is pulling in 45% of the income of each of the 5 residents renting rooms there by pointing at the medical industry which is busy siphoning off most of that money which everyone is super excited about since it now is projected to help them live to 90 despite their bad and unhealthy lifestyle.
Helping the young people get started will mean the family gets money together to cover the room deposit so they can move down the hall. It will I'm sure be lovely.