IE Business Daily Business news for the Inland Empire.
Thirty one percent of California households could afford to buy a median-priced home – $511,360 – during the fourth quarter of 2016, according to the California Association of Realtors.
That percentage was unchanged from the third quarter but was up 30 percent year-over-year, the association reported, the Los Angeles-based association reported in its most recent housing affordability study.
An annual income of at least $100,800 was required to make monthly payments of $2,520 on a 30-year fixed-rate mortgage, assuming an interest rate of just under four percent.
Also, 40 percent of all potential home buyers statewide could buy a median-priced condominium or townhouse – $413,700 – with an annual income of $81,550. That was enough to make a monthly payment of $2,040, according to the report.
Locally, 41 percent of all Riverside County households could afford a median-priced home in that market – $356,380 – while 54 percent of all San Bernardino County home buyers could have paid the $251,100 median price tag there, the association reported.
