LOS ANGELES–More than half of Californians are concerned about their ability to pay housing costs, according to a new poll.
The survey, conducted from March 6 to March 17 by the Public Policy Institute of California, found nearly 55% of Californians were concerned about not having enough money to pay their rents or mortgages.
That figure includes 26% of Californians who are “very concerned” about having enough money to pay for housing, noted the Los Angeles Times. Among low-income residents, defined as those making less than $40,000 a year, the rate of respondents who said they were very concerned rose to 41%.
Bearing the Brunt
“Those who rent their homes bore the brunt of the anxiety over paying for housing; the institute found 34% of renters were very concerned, making them twice as likely as homeowners to have such strong concerns,” the Times added.
The analysis further noted that although significant percentages of those polled were not worried about making rent or a mortgage payment, nearly 90% of all adults said housing affordability is nonetheless a problem in their part of California, and 64% said it was a big problem.
“People across demographic groups believed affordability to be a big problem, a concern shared by both renters and home buyers,” the institute said. “Notably, similar shares of homeowners (64%) and renters (65%) call this a big problem.”
Most People, Most Pessimism
The poll suggested housing affordability is a greater concern in the state’s major population centers. Residents of the Los Angeles area, the San Francisco Bay Area, and Orange and San Diego counties were more likely than residents of other parts of California to say affordability is a big problem, according to the institute.
According to the Times, home prices in Southern California smashed records late last year when the median sale price reached $697,500, up 16.3% from a year earlier, real estate data firm DQNews said in January.
Economists expect prices to continue their upward drift well into 2022 but at a slower rate than seen during the last 24 months, the report added, noting housing costs have led to a “record high 46% of Californians” to seriously consider moving, the poll found.