evidence: Housing Costs Have Grown More Quickly Than Wages. Since January 2020, California housing costs—especially the costs of purchasing a home—have grown more than California wages, as shown above. From January 2020 to June 2024, the growth in monthly payments for a mid-tier home (84 percent) and bottom-tier home (89 percent) have far exceeded growth in average hourly wages (21 percent). Rents have also grown more quickly than wages. Over the same time period, rents grew 26 percent.