California homebuyers now waiting until late 40s to purchase first house

A new study shows most Californians are delaying first-time home purchases until their late 40s, about ten years later than the national average.

Recent research indicates that Californians are now waiting until their late 40s to buy their first home, a full decade later than the average American. Over the last 15 years, renters in their 30s and 40s have come to outnumber owners, and the median age of first-time buyers has climbed from 39 to 47. The state's homeownership rate stands at 56%, lagging behind the national 66% and only surpassing New York's 54% share.

The study points to pronounced disparities: white and Asian households achieve ownership earlier than Black and Latino households, with U.S.-born Asians buying the youngest and Black adults and Latino immigrants the oldest. Educational attainment also matters, as those with a bachelor's degree tend to purchase homes sooner. Voters will consider a proposition this fall aimed at reducing down-payment hurdles for first-time buyers, alongside ongoing debates about increasing housing supply and providing additional support to those facing major barriers.