SAN DIEGO: Purchasing a home is a cornerstone of the American dream. Is the vision unattainable, though?
It’s turned into a prohibited holy grail for a lot of California’s young adults.
In actuality, compared to the 1980s, the majority of homeowners in the Golden State are now nearly ten years older. This is supported by a recent study on California’s “sliding homeownership ladder” from the University of California, Berkeley.
The plain fact is that for people in California, purchasing a home has become a later-life activity. The majority of Californians don’t become homeowners until they are 49 years old as of 2021. According to researchers, it is the largest delay in American purchasers’ age groups.
Researchers calculated that 55.6% of the observed difference in homeownership rates between Californians and Americans in the other states (ages 25 to 75) can be attributed to differences in financial ability to finance a home.