New census data show Los Angeles and Orange counties have the lowest homeownership rates in the nation. In the 2nd quarter, only 46.5 percent of local residents lived in a home they owned. The Los Angeles and Orange County region had the lowest homeownership rate in four out of the last five quarters among the 85 metropolitan areas tracked by the U.S. Census Bureau.
The lack of affordable housing drives these numbers. This lack of So. Cal. affordable housing has very negative implications for our regional and state economies. Area businesses have an ever increasing challenge attracting and retaining talent. Too many businesses are expanding or moving out of state to locals where housing is more affordable. Housing affordability (reflecting the American Dream of Home Ownership) is high on the list of factors influencing high demand prospective employee employment decisions.
Looking from a more personal perspective, just think of the many So. Cal families and parents who sadly experience their young adult children (and grand children) moving out of state where housing is affordable and the American Dream is so much more attainable.
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