Homeownership should still be an achievable goal for working Californians.

Urge Governor Newsom to Fight for Homeownership Funding in the State Budget 

Do you feel like you’ll never be able to afford to buy a home? Are you worried that your children will eventually move out of state because homeownership isn’t possible for them here?

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.

This group, the California Homeownership Coalition, is proud to support the joint budget plan released on June 1st by the leaders of the legislature and urges Governor Gavin Newsom to support it as well.
 

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 all working Californians 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 $97 BILLION, which creates a once in a lifetime opportunity to help those often left behind enjoy the benefits of homeownership. This will help decrease the income and wealth inequality gap and increase homeownership rates for working Californians. Homeownership remains the best way to create greater equity.  

The Proposed Legislative Budget Includes:

$1 billion for a California Dream for All program to pay for a large portion of the down payment for 1st time homebuyers. The state would recoup the money when the property is sold or refinanced.
$350 million to fund the state’s CalHome program, that partners with groups such as Habitat for Humanity California to build more ownership housing.
$50 million for the state’s existing down payment assistance programs.
$50 million to help families build Accessory Dwelling Units (ADUs).

Contact Governor Gavin Newsom TODAY to urge him to increase funding in state budget for homeownership.