55% of housing units are owned by their occupant in California[1]. That statistic is trending up.
There are estimated to be 13.3 million housing units in California[2]. This means 7.3 million of those units are owned by their occupant(s). The adult population (>=18yo) of California is estimated to be 24.9 million[3]. So if we assume all 7.3 million owner occupied housing units have a single owner-occupant, this would mean that approximately 29% of adult Californians own their residence. This, of course, is an underestimate because many homes are owned by more than one occupant (i.e. families).
Thus, at a minimum, 1/3rd of Californians are "attaining equity through labor". Are you telling me all of these people are the moneyed, flying-over-everything capital class?
Please fact check your defeatist attitude and consider widening your gaze as to the opportunities available to you. There is no free lunch. Sacrifices and compromises must be made to achieve your goals.
The median home price is $818k [0]. That works out to about $3,400/month. To afford that you need to make $130k [1]. That is an 89th percentile wage locally [2]. And that's a single family home. In the cities for that price we're probably talking about a condo with a $500-$1000 monthly HOA.
The vast majority of the value in these homes is appreciation. Having more in appreciated asset value than 90% of your neighbors could ever catch up to through wages is exactly what defines the moneyed, flying-over-everything class.
I have a home in California, btw. I was able to stretch for a 1BR condo by earning half a million a year. That is definitely not what most other homeowners did, and it's not as if the people with 2BR and 3BR have even better salaries. They have wealth.
55% of housing units are owned by their occupant in California[1]. That statistic is trending up.
There are estimated to be 13.3 million housing units in California[2]. This means 7.3 million of those units are owned by their occupant(s). The adult population (>=18yo) of California is estimated to be 24.9 million[3]. So if we assume all 7.3 million owner occupied housing units have a single owner-occupant, this would mean that approximately 29% of adult Californians own their residence. This, of course, is an underestimate because many homes are owned by more than one occupant (i.e. families).
Thus, at a minimum, 1/3rd of Californians are "attaining equity through labor". Are you telling me all of these people are the moneyed, flying-over-everything capital class?
Please fact check your defeatist attitude and consider widening your gaze as to the opportunities available to you. There is no free lunch. Sacrifices and compromises must be made to achieve your goals.
[1] https://fred.stlouisfed.org/series/CAHOWN
[2] https://www.census.gov/programs-surveys/ahs/data/interactive...
[3] https://censusreporter.org/profiles/04000US06-california/