The dramatic increase in home prices in California has resulted in a significant increase in monthly payments, now consuming 32% of the average income.
One-third fewer homes will be sold in California this year compared to 2018 due to the current affordability crisis exacerbated by rising home prices and stagnant income growth.
To return housing payment burdens to pre-pandemic levels, mortgage rates would need to drop significantly, incomes must increase substantially, or home prices would require a major decrease.
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