Homeownership should still be an achievable goal for working Californians.
Owning a home should not just be for the select few.
Too often in California, homeownership is out of reach due to its high cost and the lack of supply of entry-level housing. Last year California’s median home price was $786,750 and it is expected to surpass $830,000 in 2022.
The lack of lack of supply and resulting high cost is affecting everyone but is particularly impacting communities of color. Right now, only 17% of Black and Latino households in the state can afford to purchase that median priced home.
At the same time, California is experiencing a record-setting budget surplus of between $45-65 BILLION, but the Governor’s proposed budget has only devoted $69 million to homeownership programs, and the state isn't even required to spend that full amount.
The CALIFORNIA ASSOCIATION OF REALTORS® is working with a broad coalition of organizations and a bi-partisan group of legislators to fight for more funding for homeownership opportunities to be included in the state budget.
We are requesting this additional funding because with the large state surplus, the state has a once in a lifetime opportunity to help decrease the income and wealth inequality gap and increase homeownership rates for working Californians. Homeownership remains the best way to create greater equity.