Only 15 Percent of Californians Can Afford Median-Priced Home: Report

Published on November 14, 2023

High interest rates made buying a home in California even less affordable this summer, according to a new report released Nov. 10 by the California Association of Realtors. Only 15 percent of households in the Golden State could afford to buy a median-priced home—priced at about $843,600—between July and September, reported the association, a statewide real estate organization with more than 185,000 members. Between April and June, 16 percent could do so, the association added. The minimum annual income required to make payments on a 30-year fixed-rate mortgage of 7.14 percent on an $843,600 home—estimated at $5,530 a month including taxes and insurance—is $221,200, according to the association....