The state has the distinction of being the least-affordable in the nation, according to a new report from the California Building Industry Association.
"According to the CBIA, 20 of the nation's 21 least-affordable metropolitan areas are in California, and all of them have less than 10 percent affordability."
The only non-California in the top 20 is New York, at 11.
"Los Angeles-Long Beach-Glendale area ranked as the worst metropolitan area with only 1.9 percent affordability. Nationwide, the affordability index is 40.6 percent. In California, only Butte County at 25.3 percent is above 20 percent."
While the majority of Californian's still own their homes, the average ownership rate of 57 percent is still 13 points lower than the nationwide average.
A supply shortage combined with a booming economy and population are major factors in the sky-rocketing appreciation.
"Homeowners have made a great deal of money in terms of the equity in their houses," said Metrostudy director Steve Johnson. "But they will spend it visiting their children and grandchildren in other states."
FULL STORY: CBIA home picture bleak
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