Policy Analysis — June 2026

Housing: The $905K Dream

82% of households priced out. 3 million unit shortage. 25 years to save for a down payment.

CA Median
$905K
2026 forecast
US Median
$404K
National average
Premium
2.2x
CA vs national
Can Afford
18%
Of CA households

Median Home Prices by State

2026 projections ($ thousands)

CaliforniaHawaiiMassachusettsUS AverageTexasOhioIowa$0K$250K$500K$750K$1000K$905K$850K$620K$404K$340K$240K$247K
California's median home price is $905,000 -- more than double the national average of $404,000. A bottom-tier CA home costs 30% more than a mid-tier home in the rest of the US. The entry-level California dream costs more than the American average dream.

What $905K Buys You

California: $905K

1,400 sq ft, 3BR/2BA ranch in Sacramento suburb. Needs updates. No garage in coastal cities. Might be a condo in SF/LA.

Texas: $340K

2,200 sq ft, 4BR/3BA new-build in Austin suburb. Two-car garage, yard, modern finishes. Community pool included.

Ohio: $240K

2,800 sq ft, 4BR/2.5BA in Columbus suburb. Finished basement, large yard, top-rated schools. Money left over.

Sources: EIA, CAISO, CA Energy Commission, CPUC, CA Legislative Analyst, NRC, AAA, GasBuddy, Tax Foundation, MIT/Stanford, Kpler, Bloomberg, Reuters, CalMatters, UC Davis. March 2026.
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