The majority of Californians are now waiting until their late 40s to buy their first homes — about a decade later than the average American, according to a new study.
The shocking analysis from the Public Policy Institute of California found that while half of young adults in the rest of the US own their first home by age 37, that number rises to 47 in the Golden State.
In California, renters in their 30s and a most of their 40s outnumber owners — with the age steadily rising over the past 15 years.
Half of Californians used to own their homes by 39, but that age has jumped to 47, following the state’s continued rise in costs for homeownership.
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