NEO-FEUDALISM: In California, About the Only Way to Get a House Is to Inherit One.

Inheritance is one of the last reliable ways for younger Californians to own their first home.

About 18% of all property transfers in the state last year, representing nearly 60,000 homes, were made through inheritance, according to a recent analysis by real-estate data firm Cotality.

That share is a record for California in data going back to 1995, up from 12% in 2019. It is also roughly double the national share of 8.8% last year.

Cheryl Norris, a 76-year-old who works as an independent antique dealer, has owned a pair of homes in Northern California for decades. Her two children in their 30s don’t see a clear path toward buying a home there themselves. California’s home prices rank among the highest in the U.S., reaching a median single-family sales price of nearly $900,000 last year.

When Norris dies, she plans to leave her Santa Rosa property, with its low-pitched roof and large picture window, and her more expansive three-bedroom retreat set on more than 2 acres in San Rafael to her daughter and son.

“Even though my kids work as hard as I did, it’s sad that inheritance is their best shot at homeownership here,” she said.

I wonder how she and her adult kids vote.