Calif.’s Homeownership Rate Hits 9-Year High Thanks to JONATHAN LANSNER of the OC Register for the article and the insight into some new market information New Census
California Home Ownership Hits All Time High In 9 Years
Calif.’s Homeownership Rate Hits 9-Year High
Thanks to JONATHAN LANSNER of the OC Register for the article and the insight into some new market information
New Census data shows 56.3% of households statewide lived in a residence they owned in the third quarter.
And while that’s sixth-lowest among the states, it is the highest California ownership level since 2010. A year ago, 55.2% of Californians were homeowners, ranking No. 49 nationally. Californians have struggled to own their homes since the Great Recession. Between 2005 and 2009, California ownership averaged 58.5% in an era that saw aggressive lending. Since then, as lenders made it harder to get a mortgage and home “affordability” worsened, ownership has averaged 54.7% in the state. But the past year’s dramatic reversal in mortgage rates, continued strong job growth statewide and moderating price home-price appreciation seems to have put more Californians into their own homes.
For example, home ownership in the Inland Empire hit an 11-year high.
In Riverside and San Bernardino counties, 67.7% of households lived in a residence they owned in the third quarter, ranking No. 23 among the 75 largest metro areas, according to the Census Bureau. A year earlier, the I.E. had 64.7% ownership, ranking No. 34 nationally. In the 2005-09 easy money days, I.E. ownership averaged 67% but ownership has since averaged 54.7%. Not all of the home ownership news was upbeat as Los Angeles and Orange counties remain below 50% for the sixth consecutive quarter. In the third quarter, 48.2% of L.A.- O.C. households lived in a residence they owned, next-to-last among the 75 largest metro areas.
A year earlier, 47.3% were homeowners, ranking No. 75 nationally. In those 2005-09 go-go days, L.A.-O.C. ownership averaged 52.8%.
Ownership is also up nationally with 64.8% of homes were occupied by owners vs. 64.4% a year earlier.
The last time U.S. ownership was higher was in 2013.
My Story: WHY DID YOU BECOME A REALTOR KELLY? "Real Estate has been in my family for over 30 years. I married a Broker/REALTOR and really learned about the practices of Real Estate during that time....
Latest Blog Posts
According to the Southern California Auto Club The Toll Roads on routes 73, 133, 241, and 261 in Orange County has begun transitioning from the battery-operated, hard-case transponders to the new