"With the statewide median price expected to increase around 5% next year, housing affordability, in general, will not change much if at all in the coming quarters," Oscar Wei, deputy chief economist for the California Association of Realtors, told SFGATE.
"The minimum qualifying income in the Bay Area was $320,000 during the third quarter of 2024, with 21% of households able to buy a home. In the U.S., that figure is at 35% of households, with an income of $105,200 needed."
"No matter how you slice it, Los Angeles is one of the least affordable housing markets in the country," Karine B. said, emphasizing the severe drop in affordability for middle-income households.
#housing-affordability #california-real-estate #median-home-prices #economic-forecast #regional-disparities
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