California Association of Realtors reports on housing affordability
As of September of this year, 15% of Californians were able to afford a median-priced home (translation: a home costing $543,980). This is down from the 19% who were able to afford a median-priced home one year ago. Clearly rising home prices have outpaced income growth.
With such a dismal picture of home ownership, one has to question why there are so many people coming into the state. What are your thoughts? Send us an e-mail using the link at the right.
To read more: housing affordability in California