Wednesday , May 29 2024
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U.S. home prices record annual decline

State, Inland housing affordability declines

Only 15 percent of all households in California could afford a median-priced home – $843,600 – during the third quarter of this year, according to data released Friday.

That represented a 16 percent drop from the second quarter and an 18 percent decline year-over-year, the California Association of Realtors reported.

A yearly income of at least $221,200 was needed to make monthly payments of $5,530, on a 30-year fixed-rate mortgage at a 7.14 percent interest rate.

Twenty-three percent of home buyers were able to purchase a median-priced condo or townhome, which carried a price tag of $650,000. A minimum annual income of $170,400 was required to make a monthly payment of $4,260.

In the Inland Empire, 20 percent of all households could afford a median-priced home of $565,000, down two percent from the second quarter and five percent year-over-year. That would require an annual income of $148,000 to cover monthly payments of $3,700, the association reported.

 

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