California Dreaming – More than a third of California households have virtually no savings.
ByA lot of people do not equate California with poverty. You certainly don’t think of poverty when you look at real estate values in places like San Francisco even though the homeless issue is right in your face. The reality is that most people do not live lavish lifestyles. In fact, a new report highlights that more than one-third of California households have virtually no savings. These households would not have the ability to live at the poverty level for three months if one paycheck in the household was lost due to a job loss. You also have more than 2 million young adults living at home with their parents since the rent is too high. This isn’t the California that is presented in Hollywood movies.
California and the evaporation of the middle class
The reality is, the middle class is slowly disappearing in California. There was a time not long ago when a blue collar worker was able to purchase a home in many California locations. But there has been an aggressive gentrification. Now many people feel it is necessary to go into big debt simply to purchase a crap shack…
California Dreaming – More than a third of California households have virtually no savings.
