IE Business Daily Business news for the Inland Empire.
For most people, 2023 was a bad year to buy a house in California.
Fewer than one in five Californias earned enough money in 2023 to buy an $813,980 median-priced home, down from slightly more than one in five the previous year, according to a study released April 11.
Based on a 20 percent down payment, an annual income of at least $204,800 was needed to make monthly payments of $4,190, including principal, interest, and tax, the Los Angeles-based California Association of Realtors reported.
Those numbers assume a 30-year fixed-rate mortgage and a 6.66 percent interest rate.
The report broke down housing affordability based on ethnicity.
The affordability gap between blacks and California’s general population went from 9.7 percent in 2022 to 8.5 percent last year, while the gap for Hispanics/Latinos went from 9.6 percent in 2022 to 8.9 percent in 2023 during ht time, according to the study.
