The California Housing Shuffle: How Many Californians Can Actually Afford a Deck to Shuffle On?
California, the land of sunshine, beaches, and... insanely expensive housing. We all know the dream: owning a little slice of paradise with a yard for barbecues and maybe even a lemon tree (because everything is better with citrus, fight me). But the reality for many Californians is more like living in a shoebox with a roommate named Steve who has a questionable sock collection.
So, how many Californians are actually living the dream of homeownership? Buckle up, buttercup, because the numbers might make you want to move to a state with more affordable dirt (looking at you, Nebraska).
The Big Not-So-Happy Statistic: Renters vs. Royalty (Homeowners)
Here's the truth, delivered with the bluntness of a eucalyptus branch to the funny bone: California has one of the lowest homeownership rates in the nation. We're talking about a mere 43.5% of folks owning their homes, according to a 2021 study. That means the majority of Californians are renters, which basically translates to living a life of "can I afford avocado toast this week?" decisions.
Hold on, it Gets Worse (But Also Kinda Funny)
Now, let's get regional. Because in California, even the struggle varies by location. Imagine San Francisco real estate as a dragon guarding a treasure hoard of gold (the treasure being a decent-sized apartment). San Francisco County has a homeownership rate of a measly 38%. Meanwhile, out in Bakersfield, they're practically giving houses away (okay, maybe a slight exaggeration, but Bakersfield boasts a homeownership rate of 59%). So, if you're reading this and happen to be a millionaire dressed as a sourdough bread enthusiast, San Francisco might be your jam. Otherwise, Bakersfield's got your back (and maybe a slightly higher chance of finding a house with a backyard that isn't the size of a yoga mat).
A glimmer of Sunshine (Maybe?)
There is a tiny, flickering light at the end of the tunnel (or should we say mortgage?). California's homeownership rate actually ticked up a bit in 2022 to 55.3%. Woohoo! Progress! Except, that number is still way below the national average and frankly, not much to brag about when a cardboard box seems like a viable housing option.
The Moral of the Story?
California housing is a wild ride. It's expensive, it's competitive, and it might make you want to take up residence in a metaphorical clown car (because hey, at least it'll be cheap). But hey, there's always hope! Maybe one day we'll all be sipping lemonade on our own patios, laughing about the good old days when a studio apartment cost more than a spaceship ride. Or maybe we'll just be really good friends with Steve and his questionable socks.
