Socioeconomic divisions include homeownership

Cal Matters, the California non-profit journalism website, published reporting from Dan Walters that the Golden State has the second-lowest percentage of residents living in homes that they (or their families) own at 55.5 percent. No surprise, New York was the lowest at one percent less than California.

Walters, widely considered a dean of California political columnists, observes that "... those owners are sitting on immense equity, roughly $2 trillion, thanks to the state’s highest-in-the-nation home prices." His point is that one of California's many socioeconomic divisions is homeownership, and the trend continues as that "immense equity" is passed on to the next generation. 

Last month, the median price of single-family home in California was $868,150, according to the California Association of Realtors, more than twice the national median. For more, check out the article on Cal Matters.