California has struggled with a low homeownership rate, currently at 55%, partly due to an emphasis on multifamily housing over single-family homes. Historical data indicates that states with higher homeownership prioritize single-family construction. The state's homeownership peaked in 2006 but has since stagnated. Given the increasing costs of housing and stagnant ownership rates, the article suggests re-evaluating housing policies to place renting and ownership on more equal footing, considering the challenges faced in boosting the 'American Dream' of homeownership.
The math shows that residential construction is more heavily focused on single-family housing in the states with the highest homeownership rates.
Ownership is largely stagnant as costs go through the roof, to use a bad pun.
California is a prime example of what didn't work, with only 55% of households owning their homes in 2022-2024.
Is it time to reprioritize housing policies and put renting on a relatively equal standing with ownership?
#california-housing #homeownership-rates #housing-policy #residential-construction #renting-vs-owning
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