April 20, 2024 12:14 am
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California homeownership rate jumps after years of decline

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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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Rose Law Group Reporter, which provides Dealmaker’s content and service, is contracted by Rose Law Group. Rose Law Group is a full service real estate and business Law Firm practicing in the areas of land use/entitlements, real estate transactions, real estate due diligence/project management, special districts, tax law, water law, business litigation, corporate formation, intellectual property, asset protection, data breach/privacy law, ADA compliance, estate planning, family law, cyber-law, online reputation and defamation, lobbying, energy and renewable energy, tax credits/financing, employment law, Native American law, equine law, DUIs, and medical marijuana, among others. The views expressed above are not necessarily those of Rose Law Group pc or its associates and are in no way legal advice. This blog should be used for informational purposes only. It does not create an attorney-client relationship with any reader and should not be construed as legal advice. If you need legal advice, please contact an attorney in your community who can assess the specifics of your situation.