By Reagan Steele – Business & Economic Policy Writer

Nobody can afford a home in California.
Will that change? Probably not.

If you already own a home here, chances are you’re sittin’ pretty. Prices have soared, which means if you cash out, you can roll into another state with a fat bag of money and probably buy two houses and a boat. Most longtime homeowners are locked into sub-4% mortgage rates, and thanks to Prop 13, their property taxes barely move—even if their home doubled in value.

In short: If you bought before the chaos, you’re protected. If you didn’t, you’re screwed.

Right now, mortgage interest rates are high. That means homes are expensive in two ways—the sticker price and the loan. That combo has frozen the market. People don’t want to buy, and they don’t want to sell either. Even moving up just a little could mean trading a 3% mortgage for a 7% one—and folks just aren’t willing to do that. Instead, they’re staying put and upgrading what they’ve got.

Foreclosure rates nationally are near a five-year high. But California? Middle of the pack—18th place right now. There’s no wave of distressed properties coming to save the market from sky-high prices.
Sorry to tell you.

And those prices? Still ridiculous. In Sacramento, you better be flirting with six figures. In SoCal or the Bay Area, unless you’re already rich or inheriting a house, you’re out. The dream is dead.

What’s behind it? Simple: a housing shortage of over 2 million units, years in the making. And building a new home in California? Good luck with that. Between environmental regulations, lawsuits, zoning laws, and a sea of red tape, it’s basically impossible to break ground without a legal team and a prayer. If there’s an endangered toad anywhere near your lot, you’re not building—you’re in for a full-blown government-sponsored nightmare.

So will it change? Probably not.
Because in California, the laws don’t follow supply and demand. They follow activists, committees, and whatever bullshit gets applause at a press conference.