The impacts of rising housing costs are particularly salient among young people in California. Young adults, especially millennials, are more likely to rent and less likely to own a home than older generations. Young Californians are much more likely to rent than young people in other states, and young renters in the state are among the most cost-burdened in the country. Today, young adults (18-39) are much less likely to own homes compared to older generations, and are also less likely to be homeowners than young people in the past.
How likely are different age groups to rent vs. own?
How cost-burdened are renters vs. homeowners?
Young renters in California spend a greater share of their income on housing than young renters in other states, a trend that has remained consistent over the past few decades.
- The average cost-to-income ratio peaked during the Great Recession and has slightly decreased in recent years
- Young Californians have consistently spent a larger share of their income on housing compared to those in other states since 1990.
How do young Californians compare to young adults in other states?
- The average cost-to-income ratio peaked during the Great Recession and has slightly decreased in recent years
- Since 1990, young Californians have consistently spent a larger share of their income on housing compared to those in other states.
- California has the second largest share (17.0%)of cost-burdened homeowners, behind Hawaii (26.8%)
