IE Business Daily Business news for the Inland Empire.
Twenty seven percent of California households could afford the median price of a single-family home – $720,490 – during the first quarter of 2021, a 35 percent year-over-year drop, the California Association of Realtors reported Tuesday.
An annual income of $131,200 was needed to make monthly mortgage payments of $3,280, based on a 30-year fixed-rate mortgage at 3.08 percent, the Los Angeles-based trade association reported.
Overall, statewide housing affordability during the first three months of this year remained at its lowest level in three years, mostly because there aren’t enough homes for sale.
Affordability for condominiums and townhomes fell year-over year during the first quarter, with 40 percent of state households earning the minimum income needed to buy a $535,000 median-priced condominium or townhome.
That was a 44 percent drop from one year earlier and a 41 percent decline from the fourth-quarter 2020, the association reported.
