IE Business Daily Business news for the Inland Empire.
Only 23 percent of California households could afford to buy a median-priced home – $817,950 – during the second quarter of 2021, according to a report.
That was down from 27 percent in the first quarter of 2021 and from 33 percent year-over-over, drops caused by low-interest rates and not enough homes on the market, the California Association of Realtors reported.
A yearly income of at least $150,800 was needed to make monthly payments of $3,770. That includes principal, interest, and taxes on a 30-year fixed-rate mortgage with a 3.2 percent interest rate.
In the Inland Empire, 36 percent of all households could afford a median-priced home – $510,000 – during the second quarter of this year, down from 39 percent in the first quarter and 46 percent year-over-year.
That would require monthly mortgage payments of $2,350, including taxes and insurance, according to the Los Angeles-based association.
