Published 2 years ago • loading... • Updated 2 years ago

Only 16% of Californians Can Afford to Buy a Home

In the second quarter, only 16% of households in California could qualify to purchase a median-priced single-family home, down from 19% in the first quarter and 17% a year earlier. This is due to rising interest rates and limited housing inventory, leading to an affordability crisis in the state.
The high cost of housing in California has resulted in people and companies leaving the state or choosing not to move there, which could hinder economic growth and population expansion. If nothing is done to increase the housing supply, California may face decreased competitiveness in the long run.
Despite a 2.

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California homes are so pricey that only 16% of the state's residents can afford to buy one—and it's only getting worse

Buyers in the second quarter needed a minimum annual income of $208,000 to qualify for a 30-year mortgage after a 20% down payment.

2 years ago·New York, United States

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Only 16% of people in this state can afford to buy a home

(Image by Public Co from Pixabay) (BUSINESS TIMES) – Buying a home in California slipped further out of reach as interest rates climbed and scarce inventory bolstered prices. Only 16 per cent of households could qualify to purchase a median-priced single-family home in the second quarter, the California Association of Realtors reported on Friday (Aug 11). That’s down from 19 per cent in the first quarter and 17 per cent a year earlier. Get the …

2 years ago·Medford, United States

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