Roughly 2.7 million California households—homeowners and renters—pay at least half their income for housing, according to figures compiled by the U.S. Census Bureau.
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Moreover, a much bigger group—4.6 million California households—is paying 35% or more, above the traditional 30% norm, up by 1.7 million in a decade. (The figures were recently reported by The Orange County Register.)
In general, California accounts for about 20% of the U.S. mortgage market. The state is still suffering from stubbornly high unemployment and deficits.
Property values have firmed up and even risen in certain parts of California, including the coastal areas, but inland prices are still weak.
