California Housing Affordability Both Up And Down

A new survey finds that only 28-percent of California households can afford to buy a house.

The California Realtor's Association says affordability in the 4th quarter was a tenth-percent better than the 3rd but a tenth worse than the 4th quarter of 2017, mostly because of higher interest rates.

While it varies widely from region to region, the Association says a minimum household income of 122-thousand-dollars is needed to afford the statewide median of 564-thousand-dollars for a single family home. Nationally, 54-percent of households can afford the median of 257-thousand, based on an annual income of just under 56-thousand-dollars and a 20-percent down payment.


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