It’s really hard. Both compared to how difficult it is in other states, and how challenging it was for previous generations of Californians.

In the late 1960s, the value of the typical California home was more than four times the average household’s income. Today, it’s worth more than eleven times what the average household makes.

While it’s always been more expensive to be a homeowner here, the gap between California housing costs and the rest of the country has widened into a chasm. The median California home is priced nearly 2.5 times higher than the median national home, according to 2022 Census data.

Both high and low, interest rates haven’t helped much. During the COVID-19 pandemic, the Federal Reserve pushed down borrowing costs, making it easier to take out a mortgage on better terms. But that only drew more would-be borrowers into the market, pumping up demand for the short supply of homes for sale in California. So prices went up.In the face of roaring inflation, the Fed jacked up interest rates in 2022. That drove plenty of buyers out of the market, but it also convinced many homeowners to reconsider selling. Homes, already in short supply, disappeared from the market. So prices went up.