Recently while browsing the latest California Real Estate Magazine, I came to learn that California is among the top five states with the lowest homeownership rates nationwide, according to the “Housing Characteristics: 2010” report by the U.S. Census Bureau.
With homeownership rate of 55.9%, California ranked second in the nation, falling behind New York’s rate of 53.5%.
Of California’s 37.3 million residents, 22.2 million live in the Los Angeles, San Diego, & San Francisco metropolitan regions. Because of this concentration in large urban areas, more than 30% of Californian families live in multi-home residences (which include apartments & condominiums), compared with a national average of 25.9%. California also has the second-highest median home value in the country, which some claim provides an incentive to rent rather than buy.
And thank you for making me Your Orange County Real Estate Connection.
Michael Caruso, Broker ABR ABRM CLHMS CRB CRS GREEN GRI
Past President, Orange County Association of Realtors (949) 753-7900