New numbers from economists at the Federal Reserve Bank of Minneapolis suggest far fewer Californians – and Americans, too – own a home.
The recalculation of ownership is more tied to the people who are tracked than any key economic factors.
Start with the traditional number from the Census Bureau. It tells us the share of households living in a home they own. Group housing – think college dorms or senior living arrangements – isn’t counted.
However, the Minneapolis Fed’s number looks at adults living in households as well as those group settings. So the non-owner count grows to include people such as young adults still living at home, folks who rent a room or those in group-living sites.
Sadly, no matter the statistical efforts, here’s what the new math confirms for the umpteenth time: It’s terribly difficult to be a California homeowner.
My trusty spreadsheet‘s peek at the Minneapolis Fed’s math found 41% of Californians were homeowners last year. That’s the second-lowest percentage among the states and well below the nation’s 53%. Only the District of Columbia was lower, at 35%.
Now, where do the most people own their residences, according to the Minneapolis Fed? Wyoming at 66%, Maine at 65% and Vermont at 64%.
These new numbers aren’t very kind to California’s economic arch-rivals, either.
Texas has 50% of residents who own, which is the sixth-lowest rate. And Florida’s 53% share was the 13th lowest.
Let’s review the old numbers from the Census Bureau. These figures weren’t friendly to the Golden State either.