IE Business Daily Business news for the Inland Empire.
Twenty eight percent of all California households were able to purchase a median-priced home – $564,270 – during the fourth quarter of 2018, according to data.
That was virtually unchanged from the third quarter but was a two percent year-over-year drop, the California Association of Realtors reported.
An annual income of at least $122,340 was needed to cover monthly payments of $3,060 on a median-priced home. That figure includes principal, interest and taxes on a 30-year fixed-mortgage rate with 4.95 percent interest.
The state’s housing affordability index, which peaked at 56 percent seven years ago, has been below 30 percent in six of the last eight quarters.
Also during the fourth quarter, 37 percent of all California homebuyers could buy a median-price condominium or townhouse, which sold for $460,000. To make that purchase, an annual income of at lease $99,730 was needed to make monthly payments of $2,490, according to the association.
