Home prices harder to afford
Times wire reports
The percentage of households in California able to afford a median-priced home fell to 27% in May from 28% in the same month last year but was unchanged from April, according to the California Assn. of Realtors.
A minimum household income of $84,980 was needed in May to purchase a median-priced home of $369,290, based on a 30-year, fixed-rate mortgage at 5.62% and assuming a 20% down payment. A year ago, a minimum household income of $81,510 was required to buy the median priced home of $319,590, and the prevailing interest rate was 6.82%.
