In Anaheim, prospective buyers need at least $251,000 in annual household income for a starter home mortgage. This is the highest requirement in Southern California.
The analysis by Redfin defines starter homes as properties in the 5th to 35th percentile of the housing market, offering a narrow selection for potential buyers.
With the median sales price of single-family homes in Southern California hitting $808,000, many prospective buyers face income requirements above local median incomes.
The increase in housing prices is largely attributed to a lack of inventory and the lock-in effect, causing homeowners to hold onto properties longer.
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