California’s housing affordability challenges remain daunting and continue to increase, according to a draft report from the state’s Department of Housing and Community Development released Tuesday.
The report found:
- Housing production over the last decade fell more than 100,000 new homes short of demand and continues to lag, leading to surging prices at all income levels.
- The state’s homeownership rates are at their lowest since the 1940s.
- One-third of the state’s renters spend more than half their income on housing costs.
- California has 12% of the nation’s population, but 22% of the country’s homeless population.