California homeownership rate jumps after years of decline

By Phillip Reese | The Sacramento Bee

The number of owner-occupied homes in California rose by 182,000, or 2.6 percent, from 2016 to 2017, the largest increase in at least 12 years, new Census Bureau estimates show.

About 54.8 percent of households in California owned their homes in 2017. The homeownership rate in California fell for a decade between 2006 and 2015, largely as a result of the housing bust and foreclosure crisis, before mostly flattening around 2014 and rising in 2017, according to the data.

While home prices rose throughout 2017, so did incomes, census estimates show. In addition, mortgage rates remained low by historic standards.

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October 17, 2018

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