Millennials Struggle with Homeownership in California's Ridiculously Expensive Housing Market

As of 2023, only 45.5% of Millennials nationwide own homes, a figure well behind previous generations.Photo byJakub ŻerdzickionUnsplash

The Millennial generation has faced unique challenges in achieving homeownership, especially in California, where housing affordability remains a critical issue. Shaped by the 2008 housing market collapse and rising costs, many Millennials feel priced out of the "American Dream." As of 2023, only 45.5% of Millennials nationwide own homes, a figure well behind previous generations.

California's major metros—Los Angeles, San Francisco, and San Diego—are particularly challenging for Millennials. Homeownership rates in these cities are among the lowest in the country, with Los Angeles at just 20%, San Jose at 24%, and San Francisco at 29%. These figures highlight the state's lack of affordable housing, despite high income opportunities.

While some Millennials have found success in smaller, more affordable Midwestern markets, the struggle continues in California. Coastal cities dominate the list of areas with the lowest Millennial homeownership rates, emphasizing the need for more housing development to meet the growing demand.