Homeownership Steady, Still?

The recent increase in California’s homeownership rate, hitting a 13-year high in 2023, might seem like good news, but the reality is far more nuanced. While the rate rose to 55.8% last year, according to San Diego Union-Tribune, it remains significantly lower than the national average of 65.9%.

This improvement, though seemingly positive, is largely attributed to the pandemic-affected data of 2020, where the homeownership rate was artificially inflated. Looking back further, it’s clear that California’s homeownership rate has stagnated for years, barely exceeding the 40-year average. This lack of progress underscores the immense challenges facing homebuyers in the state, primarily driven by the steep cost of living.

Despite relatively high wages, even those in the upper income brackets struggle to afford homes in California. This is due to sky-high housing prices, which are more than double the national average.

As a local realtor, I understand the difficulties many face when trying to achieve the dream of homeownership in San Diego. If you’re seeking guidance and expertise in navigating this challenging market, I encourage you to visit my website, https://robertluiswallace.com/services/ to learn more about my services and how I can help you achieve your real estate goals.