California renters are twice as glum about their monetary picture than Golden State homeowners, a new survey shows.
The Public Policy Institute of California’s statewide polling for September reinforces a key economic divide – renters vs. homeowners. Consider that 44% of renters told pollsters they’re “not satisfied” with their financial situation, compared with only 22% of unsatisfied homeowners.
Or ponder the flip side of the query: Just 8% of California renters toll pollsters that they were “very satisfied” with their finances vs. 26% of homeowners.
It’s zero secret that renters typically earn less money, with the state’s lofty housing costs making those financial headaches even more painful. Despite those admitted challenges, though, renters seem to have a tiny bit more hope for their household budgets.
Looking ahead six months, 26% of California renters expected their monetary position would be stronger vs. 20% of owners. But 24% of tenants foresee weaker finances vs. 22% for owners.
When asked for a bigger picture view, California renters were more downbeat about the statewide economy in the next 12 months.
The poll found 63% of renters saw “bad times” ahead vs. 60% for owners, compared with 36% of tenants eyeing “good times” vs. 38% for owners.
The national outlook was equally glum, as 63% of California renters saw “bad times” coming for the US economy vs. 59% for owners. Contrast that with the 35% of renters eyeing “good times” vs. 37% for owners.
Blue tint
Let’s note that California renters lean bluer in this blue state.
When asked their opinion of political parties, 51% of California renters said “favorable” to the Democrats vs. 48% of owners. Republicans got 22% “favorable” from renters vs. 30% of owners.
Interestingly, when asked about satisfaction with political parties overall, the need for a third party was the top reply from 66% of California renters and 69% of owners.
Bottom line
High-cost California makes for sour outlooks, no matter the economic or political cycle.
This poll found very few happy folks, no matter their housing status. Consider the big-picture “right direction or wrong direction” question that pollsters love to ask.
As for the state vibes, California renters had slightly less negative feelings – 53% said wrong direction vs. 45% for right direction. That’s a smidgen more upbeat than owners, with 56% saying wrong vs. 42% saying right.
There’s an even more uniform sour sentiment about the nation, with 71% of both California renters and homeowners giving a thumbs-down on the US direction. (FYI: 28% of renters said right direction, vs. 26% of owners.)
Jonathan Lansner is the business columnist for the Southern California News Group. He can be reached at jlansner@scng.com
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