The California Association of Realtors announced that 33% of California households could afford to purchase a median priced single family home in the second quarter of 2020, up from 30% in the second quarter of 2019. The income needed to purchase a $610,850 median priced home was $115,200. That qualified for a payment of $2,880 which included principal, tax, and insurance on a 3.43% 30-year fixed loan with 20% down. 44% of California households were able to qualify for a median priced condominium or townhouse. The income needed to qualify for a payment of $2,280 was $90,000. That payment included principal, interest, taxes, insurance, and homeowner’s fees.
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