Evolution in action

Kotkin and his colleagues note the high number of California millennials who are “failing to launch” due to prohibitive housing costs. While older California residents own homes at average rates, millennials own homes at lower rates than their peers in any other states except New York and Hawaii. More than half live with parents or other relatives. If home prices in California continue to rise at several times the rate of those in the rest of the country, “failure to launch” could turn into “crash and burn,” as an entire generation is denied the California dream their parents enjoyed.