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Only 16% of Californians Can Afford to Buy a Home
- Buyers need $208,000 income to qualify for a 30-year loan
- Loan payments are climbing even as purchase prices fall
Homes in Rialto, California.
Photographer: Kyle Grillot/BloombergThis article is for subscribers only.
Buying a home in California slipped further out of reach as interest rates climbed and scarce inventory bolstered prices.
Only 16% of households could qualify to purchase a median-priced single-family home in the second quarter, the California Association of Realtors reported Friday. That’s down from 19% in the first quarter and 17% a year earlier.