Bad news on affordability
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Even with declining interest rates, fewer California households were able to afford a median-priced home in January compared to a year ago, the California Assn. of Realtors said.
The January Housing Affordability Index (HAI) at 29% fell from 31% last January year, but was up from 28% in December.
A minimum household income of $79,829 was needed to purchase a median-priced home of $336,740 in January, based on a 30-year, fixed-rate mortgage at 5.96% and assuming a 20% down payment.
That compared with the $73,650 minimum household income needed to afford a median-priced home of $287,080 last year when the prevailing interest rate was 6.89%.
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