Surveys consistently show that owning a home is one of the keys to overall happiness, which no doubt explains why debates about housing prices are so emotional—and so dominant in the Legislature and at city councils. Thanks to low supply and the resulting price surges, many Californians now struggle to buy homes. The nationwide homeownership rate is nearly 66 percent, but that number is only around 55 percent in California.
Obviously, homeownership comes with drawbacks. Replacing a roof or repairing a foundation is expensive. It's harder to take a new job in another city if you've got to first sell your home. But owning a home allows you to design it to your tastes. You're not living in fear the landlord will sell it. You get tax breaks and can build equity over time. You can settle in and become part of the community. The feds have long viewed homeownership as a key to economic stability.
