Fewer Californians Can Afford Home Purchase

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(Sacramento, CA)
Thursday, November 11, 2004
The California Association of Realtors says only 19-percent of California households are able to afford a median priced home in the state. That’s a five percentage point decrease from the same time a year ago. The Association’s Chief Economist Leslie Appleton-Young compares that to the rest of the nation. Cut:Les1 (:11) “About 55-percent of the U-S households earn the income needed to qualify the median priced home, which is 186,600 for the country as a whole.” Appleton-Young says the median price for a house in California is now more than 465-thousand dollars. The California Association of Realtors reports the high desert is among the most affordable regions, as is the Central Valley. Santa Barbara is listed as the least affordable region in the state. SOC