IE Business Daily Business news for the Inland Empire.
Thirty-three percent of California households could afford to purchase the $610,850 median-priced home in the second quarter, down from 35 percent in first quarter 2020 but up five percent from one year earlier.
Forty-four percent of home buyers were able to purchase the $480,000 median-priced condominium or townhome, according to data released by the California Association of Realtors.
A minimum yearly income of $115,200 was needed to make monthly payments of $2,880 – including principal, interest, and taxes – on a median-priced home. Those numbers are based on a 30-year fixed-rate mortgage and an interest rate of 3.4 percent.
For a condominium, an annual income of $90,400 was needed to make a monthly payment of $2,260.
In the Inland Empire, the median price of a single-family home in the second quarter was $400,000. About 46 percent of those living in the two-county region could afford that price, unchanged from one year ago, according to the association.
