IE Business Daily Business news for the Inland Empire.
Twenty six percent of all Californians last year could afford a statewide, median-priced home of $786,750 , a two percent year-over-year drop, according to the California Association of Realtors.
A minimum yearly income of $144,400 was needed to make monthly payments of $3,610 on a 30-year fixed-rate mortgage at a 3.16 percent interest, the association reported.
Those figures includes principal, interest and taxes.
Also last year, housing affordability for white and non-Hispanic households fell four percentage points, from 38 percent to 34 percent.
Only 17 percent of Black and Latino households could afford the median-priced home in 2021, down from 19 percent and 20 percent in 2020, respectively.
“The significant difference in housing affordability for Black and Latino households illustrates the homeownership gap and wealth disparity for communities of color, which could worsen as rates rise further in 2022,” the report states.
In Riverside County, 34 percent of all residents could afford a median-priced home of $560,000, while in San Bernardino County, those figures were 45 percent and $425,000, according to the association.
