In California's challenging housing market, middle-class families face significant hurdles in homeownership due to high prices and rising mortgage rates. Despite the median home price being $728,500, exceeding what an average earner can afford, specific areas such as Fresno and Bakersfield still offer properties within the $400,000 to $500,000 range. With a median household income of $95,521, affordability is nuanced and depends on geographical location, revealing that homeownership remains possible in select markets despite statewide challenges.
In California, the median price of $728,500 will be more of a condo or townhome in many areas, but you can get a single family home if you go inland.
California’s median household income sits at $95,521, translating to about $7,960 per month, allowing a mortgage budget of approximately $2,388 per month.
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