Do Californians care about homeownership? (real estate, to rent, mortgage)

[Screen]

Its becoming apparent that in the future owning a home will be out of reach for the majority of Californians in the largest metros. Are Californians ok with renting for life? How will the majority not being homeowners affect the economy?

[Kafkaesque]

So less demand for supply would equal lower prices. Or else we go with strict price controls which don't work. I'm ok with supply and demand personally.

[thechoson]

I have no problem with renting for life if need be.

[MediaArtist]

I own, but I wouldn't care if I rented. I'd say in general, Californians are pretty real estate crazed.

In terms of the economy, you'll attract young workers in their primes who will rent, then once they get older, they will move elsewhere, unless they get super wealthy. Kind of like Manhattan. The California economy doesn't really depend on home ownership, or else Silicon Valley would be dead.

[Gentoo]

I prefer to rent and do so with only what I need space wise wince I am a single guy. Renting allows me to move quickly when I want.

[ccm123]

I think that prices would subside and fall if there was less demand for real estate. What's keeping the prices high are the low interest rates, investor money and the current strong demand.

[EdJS]

Many people own, many others rent. Actually, most people I know in California are homeowners. But then, I'm at the point in life where most people I know are married, with kids, and well into their careers.

[sprint100]

These days I would only call people with their mortgages paid homeowners. Paying on a mortgage is just renting your place from the bank but you are responsible for everything.

[gone down south]

There's an emotional appeal to owning your home, but you have to do the math.
For some people it makes sense financially, for others renting and saving the difference will put them out ahead.

[YellowHorse]

I prefer renting, there's a certain amount of anonymity to it.