IE Business Daily Business news for the Inland Empire.
Forty eight percent of Inland Empire households could afford the median price of a single-family home in the region – $297,850 – during the first quarter of this year, according to data released Tuesday.
That was a three percent improvement compared with the fourth quarter of 2015 but was essentially unchanged year-over-year, the California Association of Realtors stated in its latest report on housing affordability in California.
Thirty four percent of California households could afford the statewide median price – $465,280 – during the first three months of 2016. That was a 30 percent jump from the fourth quarter of last year but, like the Inland Empire, unchanged compared with the first quarter or 2015, the association reported.
A potential homebuyer needed a minimum annual income of $92,571 to purchase a home priced at the statewide median during the first quarter of this year, according to the report.
