IE Business Daily Business news for the Inland Empire.
Buying a home remained a major hurdle for most Californians during the third quarter, according to data released this week.
Only 24 percent of the state’s prospective homebuyers could afford the $814,450 needed to buy a median-price single-family home during that time, up slightly from the second quarter, but down four percent year-over-year, the California Association of Realtors reported.
A minimum yearly income of $148,400 was needed to make monthly payments of $3,710.
That figure includes principal, interest and taxes, and is based on a 30-year fixed-rate mortgage at 3.07 percent interest.
Thirty-seven percent of state home buyers were able to purchase the $600,000 median-priced condo or townhome. An annual income of at least $109,200 was needed to make a monthly payments of $2,730, according to the association.
