California Home Affordability Improves Slightly From One Year Ago

Only 15% of California households could afford the $905,680 median-priced home, requiring an annual income of $232,400 for monthly payments of $5,810 at a 6.90% mortgage rate. Nationally, 34% of households could afford the $429,400 median home, needing $110,400 annually for $2,760 monthly payments. In California, 25% could afford $670,000 condos/townhomes, requiring $172,000 income for $4,300 monthly payments.