Industry News

Home-ownership gap widens in California

State ranks 49th among nation, report finds

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A new report released Wednesday by the California Building Industry Association found that compared to the national average of 70 percent, only 58 percent of Californians own a home, and home-ownership levels are significantly lower for California's growing Latino population. The report, by CBIA Chief Economist Alan Nevin, also found that the state's home-ownership rate is almost dead last -- 49th of the 50 states. According to the report, California 's home-ownership gap has significantly impacted California's diverse population. For example, in Los Angeles, Latinos constitute 50 percent of the population, yet account for only 28 percent of all conventional home loans. Blacks and non-Hispanic whites have much lower home-ownership rates in California than they do in the rest of the nation. Putting the percentages into perspective, the report found that if California's home-ownership rate could be raised to the national average, 1.6 million additional California families would enjoy ...