IE Business Daily Business news for the Inland Empire.
Thirty one percent of California households could afford to purchase the $515,940 median-priced home during the third quarter.
That figure was essentially unchanged from the second quarter but was up nearly 30 percent year-over-year, according to data released this week by the California Association of Realtors in Los Angeles.
A minimum yearly income of $100,290 was needed to make that purchase, assuming monthly payment $2,510.
Thirteen counties, including Riverside County, saw their housing affordability improve compared with the second quarter. San Bernardino County was one of seven counties that experienced an affordability decline quarter-over-quarter.
However in both cases, Riverside and San Bernardino County’s affordability moved only one percentage: from 41 percent to 42 percent for Riverside County, and from 56 percent to 55 percent for San Bernardino County.
Nine counties saw their housing affordability stay the same between the second and third quarter, according to the data.
