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The Weekly ™
By G. David Lapin On September 5 2023
Here's Your Roundup of Recent Major News Affecting California Real Estate, Housing, and Mortgages
One Third of California Homeowners are Mortgage Free
CALIFORNIA - Almost 2.4 million Californian's own their properties free and clear. State by state, Texas leads the way at 2.9 million, followed by Floridia at 2.5 million.
California, New York, and Pennsylvania come next. However, when you rank the percentage of mortgage owners, California ranks towards the very bottom at 33%. California has roughly 55% percent of residents that currently own a home.
REAL ESTATE - Homeownership stats. Owner occupied households are roughly 60% percent of all household units. In 1960, 68 out of 100 Americans could afford a home. Currently 43 out of 100 can afford one.
In 2020, single people have experienced the highest home ownership rate from 6.4% to 23% percent. 75% percent of baby boomers are homeowners. Millennials account for 3 out of 5 first time homebuyers.
The heaviest populations of homeowners are these four states - New York, California, Florida, and Texas.
MORTGAGE - Forgivable equity builder loan. This program is a newer California program that has a goal to assist first time homebuyers participate in the great American dream of home ownership. Buyers can get a loan up to 10% of the purchase price which becomes forgivable after five years if they continue to reside in the property full time during that period.
The qualifications are the following: First Time Home Buyer in California, one unit residence, must have the home as a primary residence, complete a homeowners education course by CalHFA, meet county income limits. Let’s stand by for another wave of monies to be allocated to this program!