Californians value their quality of life in the Golden State, but many say that the cost of housing is forcing them to seriously consider moving to another part of the state or away from California altogether, according to a recent survey by the Public Policy Institute of California (PPIC). Although 86 percent of renters in California hold onto the hope of being homeowners someday, only 18 percent believe it is very likely they will find a home they can afford. Additionally, three in four adults are concerned that increasing housing costs will prevent the younger generations in their families from one day buying a home in California.
The PPIC study also found that homeownership represents a profound dividing line between the "haves" and "have nots" in California. Approximately six in 10 California adults say they own their own home, and the likelihood of homeownership increases sharply with age, income, and education. A majority of whites (71%) and Asians (59%) own their homes, while a majority of Latinos (55%) and blacks (51%) are renters. Homeownership rates have serious implications for elections and politics in the state, as 75 percent of likely voters in the state's elections are homeowners. As a result, voters' preferences largely reflect the opinions of homeowners.