Only 15% of California households could afford to purchase the $905,680 median-priced home in the second quarter, down from 17% in the first quarter and up slightly from 14% in the second quarter of 2024.
According to data from the California Association of Realtors (CAR), a minimum annual income of $232,400 was needed to make monthly payments of $5,810, including principal, interest, taxes and insurance on a 30-year fixed-rate mortgage at a 6.90% interest rate.
Compared with California, more than one-third (34%) of the nation’s households could afford to purchase a $429,400 median-priced home, which required a minimum annual income of $110,400 to make monthly payments of $2,760.
For the state’s condo/townhome markets, only 25% of homebuyers were able to purchase those $670,000 median-priced residences. A minimum annual income of $172,000 was required to make a monthly payment of $4,300.
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