Most Californias don't make enough to afford housing
The California Association of Realtors (CAR) reports that "California households, with a median household income of $53,840, are $70,480 short of the $124,320 qualifying income needed to purchase a median-priced home at $530,430 in California..."
This recent study, covering the second quarter of 2005 (through June), is an accumulation of the results we have been reporting on our Blog. We recently reported the data thru May 2005 on July 21.
With this trend, we wonder if it will lead to an exodus out of California for areas of less expensive housing? Will less populated areas be targets for growth? Will additional affordable housing be constructed? We will continue to watch trends as our 2005 housing market evolves.
To read more, go here.