California homeownership age rises to late 40s in new report

A study by the Public Policy Institute of California reveals that the majority of Californians are waiting until their late 40s to purchase their first home. This is approximately a decade later than the average American, where half of young adults typically own a home by age 37.

California's overall homeownership rate stands at 56%, significantly lower than the national average of 66%. The report notes that renters in their 30s and 40s now outnumber homeowners in the state. Rising costs have shifted the median age of first-time ownership from 39 to 47 over the last 15 years, often resulting in residents paying mortgages well into their 60s or 70s.

Demographic disparities were also highlighted: US-born Asians tend to achieve homeownership at the youngest ages, while Black adults and Latino immigrants reach it the latest. Additionally, those with bachelor's degrees own homes earlier than those without. To address these barriers, California voters will consider a proposition this fall aimed at easing down payments for first-time buyers.