California home affordability factor down
If you've been out looking for a home in Southern California, you probably already know this!
The California Association of Realtors® (CAR) reports that "The percentage of households in California able to afford a median-priced home stood at 19 percent in May, an 8 percentage-point decrease compared to the same period a year ago when the Index was at 27 percent".
In the United States, CAR reports that you need to have income of $42,810 in order to buy a median-priced home priced at $183,600.
Now the stats go up in California - naturally! CAR calculates that you need to have income of $108,450 in order to buy a median-priced home priced at $465,160.
To read the entire press release, please go here.