Tuesday, November 22, 2016

California ranks 49th in the nation in homeownership rate and last in affordability

California will become a state where renters are the majority instead of homeowners.

Key factors causing the affordability crisis are job growth and a housing imbalance, population growth and demographic shifts in cities, climate change challenges, and stagnant incomes in the face of rising costs of living were some of the causes.

Among solutions possible are expanding the supply and lowering the cost of housing by streamlining the development approvals process and addressing regulatory barriers to housing production. 

Also, Expanding access by giving renters a tax credit and developing new mortgage products to increase access to homeownership.

Source:  Center for California Real Estate Summit: Housing Affordability and California’s Future.

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