Buying a home remains out of reach for most Californians

Only 18 percent of Californians could afford the state’s median price of a detached single-family home in 2024, down from 19 percent the year before, according to the California Association of Realtors.

Assuming a 20 percent down payment, the median price – $865,440 – a minimum annual income of $221,200 was needed to make monthly payments of $5,530, the Los Angeles-based association reported.

That calculation is based on on a 30-year fixed-rate mortgage at a 6.84 percent interest rate.

The inability to afford a house spread across all ethnic groups. Only 10 percent of African-American and nine percent of Hispanic/Latino households could make that payment, while 27 percent of Asian households could afford a median-priced home.

In Riverside County last year, 25 percent of the population could afford a median price home of $628,470. In San Bernardino County, 35 percent of the population could afford the median price of $485,000, the association reported.