IE Business Daily Business news for the Inland Empire.
Buying a home in California got a little easier during the first quarter of 2025, according to the California Association of Realtors.
Seventeen percent of the state’s households could afford the median-price of a single-family detached home – $846,830 – during that time, up two percent from the fourth quarter of 2024 and the same as one year earlier, the trade association reported.
The slight uptick in affordability is attributed to a drop in prices that was offset by higher mortgage rates. Nevertheless, housing affordability in California remains at a near all-time low.
A yearly income of $218,000 was needed to make monthly payments of $5,450, including principal, interest, taxes and insurance. That equation is based on 30-year fixed-rate mortgage at a 6.9 percent interest rate.
Twenty-four percent of the state’s home buyers could purchase the $670,000 median-priced condo or townhome. A minimum annual income of $172,400 was required to make monthly payments of $4,310.
In the Inland Empire, 21 percent of the region’s home buyers could buy a single-family home during the first quarter a one-percent increase month-over-month and year-over-year. The median-priced home of $609,160 required a yearly income of $156,800 to make monthly payments of $3,920, the association reported.
