Fewer Californians can afford houses
From Times wire reports
Housing affordability in California fell in December to 28% from 33% a year ago, the California Assn. of Realtors reported.
A household needed a minimum annual income of $81,120 to buy a median-priced home of $338,110 in December based on a 20% down payment and a 30-year, fixed-rate 6.1% mortgage.
A year ago, it took a household income of $71,450 to afford a median-priced home of $281,330 when the interest rate was 6.77%.
More to Read
Sign up for Essential California
The most important California stories and recommendations in your inbox every morning.
You may occasionally receive promotional content from the Los Angeles Times.