A generation of young people who are getting married later — or not at all — are also taking a different approach to one of the biggest financial decisions most of them will ever make. They no longer see marriage as a prerequisite to a mortgage.
Carlos Garcia is a 31-year-old law student at Santa Clara University. He and his girlfriend are thinking about whether to move back to their native Southern California or stay in the Bay Area after they graduate in 2016.
Either way, Garcia notes, they're looking at "literally the two most expensive parts of the country."
In Southern California, the number of homes sold through November was down 9.8% for the year, to its lowest level since 2011, and well below long-term averages. That's despite near-record-low interest rates and an improving economy.
Though unmarried couples may be more willing to buy houses together, some still see a marriage as a key driver of homeownership.
"It's a pretty straightforward link," said Richard Green, director of USC's Lusk Center for Real Estate. "Married people buy houses. Single people rent."