California housing affordability inches up in fourth quarter 2018, C.A.R. reports
- Twenty-eight percent of California households could afford to purchase the $564,270 median-priced home in the fourth quarter of 2018, up from 27 percent in third-quarter 2018 but down from 29 percent a year ago.
- A minimum annual income of $122,340 was needed to make monthly payments of $3,060, including principal, interest, and taxes on a 30-year fixed-rate mortgage at a 4.95 percent interest rate.
- Thirty-seven percent of home buyers were able to purchase the $460,000 median-priced condo or townhome. An annual income of $99,730 was required to make a monthly payment of $2,490.