Cost of Living Too Much for Many Californians

March 12, 2019
Recent Quinnipiac poll data show that 43 percent of California voters say they can't afford to live in the state, and more than 75 percent believe that there's a housing crisis.
Photo: Unsplash/Parker Amstutz

Recent Quinnipiac poll data show that 43 percent of California voters say they can't afford to live in the state, and more than 75 percent believe that there's a housing crisis.

Of those surveyed, those aged 18 to 34 years old have a 61 percent share of those who feel they can't afford to live in the Golden State. The top financial stressor? Cost of living, according to all survey respondents, CNBC reports. The median home value in California is currently about $550,000, per Zillow data, double the U.S. median, and the median monthly rent for an apartment is $2,750, 1.75 times the national median. 

Middle-class incomes have shrunk in nearly every state, according to data from the Pew Research Center and the Census Bureau, and U.S. households just experienced the biggest decline in net worth since the financial crisis.

Meanwhile, housing costs keep increasing. Home values in California have ticked up 4 percent in the past year and research suggests they could rise another 7 percent within the next year.

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