Experts say that although declining young adult homeownership rates are a national phenomenon, California is faring particularly badly.
published by UC Berkeley’s Terner Center for Housing Innovation found that by age 35, most U.S. residents had become homeowners. In California, it wasn’t until age 49.
“California’s divergence from the rest of the nation is really due to the affordability crisis,” said Carolina Reid, distinguished professor in Affordable Housing and Urban Policy at UC Berkeley who also works as a faculty research adviser at the Terner Center. “If you’re putting up 35%, 40%, or 50% of your income towards rent, building up that savings cushion, particularly in the face of extremely high house prices, just makes it really difficult to enter homeownership.
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