Affordability in California and nationally has worsened, with the required income for purchasing homes rising substantially. In California, a median home price of $905,680 necessitates an income of $232,400, marking a 17% increase since 2022. Only 15% of Californian households can afford this, down from 16%. Nationally, the U.S. median home price of $429,400 requires $110,400 in income, reflecting an 18% growth, with only 34% of Americans qualifying, down from 38%. These changes are influenced by rising interest rates and elevated sale prices over three years.
The required income to buy California's $905,680 median home was $232,400 this spring, up $33,200 or 17% in three years, making affordability decline.
Buying the $429,400 U.S. median home required $110,400 in income, up by $17,200 or 18% since 2022, decreasing the percentage of Americans who qualify.
#housing-affordability #california-real-estate #median-home-price #income-requirements #economic-trends
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