California is one of the 10 hardest states to own a home in the US
- New research by BetCalifornia.com reveals California is one of the most difficult states to buy a property in.
- Home ownership is low in California, with just 54.6% of people currently owning a property in the state.
BetCalifornia.com studied housing data to reveal the easiest and hardest places to own a home in each US state, with the odds of buying a property in California being low. Getting on the property ladder is seemingly harder in the state of California with an overall score of 18.3 when compared with others, including Colorado (41.9) and Utah (40.3).
With the housing market being a hot topic amongst American first-time buyers right now, home movers might be better looking to other states for their next properties, with California being one of the most difficult states to buy in, ranking second bottom, just ahead of only Hawaii (16.8), and just below New York (32.3).
The table below shows the 10 US states that have the worst odds/hardest chances of owning a home in:
It appears people are less likely to own a home in California. Clearly, when it comes to first-time buyers and movers trying to climb the property ladder, California is somewhere to avoid. This is based on the following:
- The Moneyline odds of owning a home in California = -120
- Five-year house price growth = 63.1%.
For more information on our findings, head over to: https://www.betcalifornia.com/odds-of-owning-home-in-california
To determine how easy it is to buy property in California, Bet California considered four different factors for each US state:
- Income-house value ratio: The average household income divided by the average house value.
- House price growth: The percentage increase in the price of an average house over the past 5 years.
- Households per 1,000 people: Calculated by dividing the number of households by the population, and then multiplying by 1000.
- Home ownership rate: The percentage of homes in each state that is owner-occupied.
Data for these factors was collected and normalized, to give each factor an indexed value between 0 and 1. These values were then summed up, to provide a total score out of four for each state. The states were then ranked from highest to lowest based on this score.
To determine your odds of owning a home in California, Bet California looked at the home ownership implied percentage and equivalent Moneyline odds.