This will probably not come as news to anyone who does live in the Golden State but roughly 20% of households in California are paying more than half their income on housing.
And it’s not just homeowners – in fact, renters are suffering even more financial stress with 27% paying over half their income every month. Last year, the median rent in California was $2,104 per month – 60% higher than the nationwide average of $1,319.
The news is slightly better for California homeowners where roughly 15% are paying over half their monthly income on housing expenses, including mortgages, insurance, utilities, and HOA dues. The average California homeowner expense is $2,280 – 70% higher than the national average of $1,340.