California's Newest Homeowners: Affording the Unaffordable
Hans P. Johnson and Amanda Bailey

August 2005

Examines the latest trends in home-ownership, the characteristics of homebuyers, and how Californians are able to afford such high prices. Finds that many recent homeowners are financially overextended, that nonconventional financing has also played a role, and that many residents have moved to inland areas of the state where housing is more affordable.