Just 48.3 percent of households in Los Angeles and Orange counties lived in a home they own in the second quarter, the second lowest homeownership rate in the nation.
New U.S. Census Bureau data shows Fresno, at 44.5 percent, having the lowest ownership among the 75 largest metropolitan areas. The New York metro area was third at 49.8 percent.
The region’s low ownership rate is another symptom of rising home prices outstripping the typical family’s ability to buy.
The L.A.-O.C.’s 48.3 percent in the most recent quarter was down from 50.1 percent in the first quarter but up from 46.5 percent a year ago. In the current census database that dates to 2005, L.A.-O.C. ownership’s high was 55 percent in 2005.
Elsewhere in Southern California, ownership in Riverside and San Bernardino counties fell, too.
In the Inland Empire, ownership of 58.4 percent in second quarter was the 19th worst among major U.S. markets and down from 61 percent in the first quarter and 62.6 percent a year ago.
San Diego’s 56.1 percent ownership rate was ninth worst nationally, down from 57.9 percent in the first quarter but up from 52.1 percent a year ago.
As for the pricey Bay Area, the San Jose-Sunnyvale-Santa Clara area had 54.6 percent ownership, fifth worst. San Francisco-Oakland-Hayward was seventh worst at 55.1 percent.
So it should be no surprise that California’s picture dimmed as statewide ownership fell to 53.8 percent rate, down from 55.1 percent at the start of 2017. It was fourth-worst in the second quarter behind D.C. (39.2 percent); New York (50.7 percent); and Hawaii (53.7 percent).
Nationally, homeownership news was upbeat. The rate increase to 63.7 percent in the second quarter vs. 63.6 percent last quarter and 62.6 percent a year ago.
“It turns out last quarter’s surprise increase in the homeownership rate may be more than just a statistical blip,” Ralph McLaughlin, Trulia’s chief economist, wrote in an analysis. “For the second consecutive quarter, the…