"net" worth and "owning" a home are NOT the same thing. Mortgages, anyone? That mortgage subtracts from the "net". Pretty much everyone in CA? Wow, what an exaggeration. Not only are there still plenty of sub-$800k homes in CA, but almost all homeowners have a mortgage that takes away most of the value of their home. So, no, the reality is exactly the opposite of your statement here. The vast majority of home "owners" are slaves to the lenders; they do NOT have a "net" worth more than $800k. Most CA homeowners have mortgages: https://therealdeal.com/la/2023/01/03/a-third-of-california-homeowners-pay-no-mortgage/