First-time homebuyers in California are facing significant challenges due to exorbitant housing prices and limited starter home inventory. With the average cost of a starter home reaching $497,780 in 2024, prospective buyers need to earn at least $119,223 annually, an amount much higher than the national average. This situation is exacerbated by the fact that California leads the U.S. in cities where median starter home prices exceed $1 million. However, cities such as Bakersfield, Fresno, and Redding offer more affordable entry points for budget-conscious buyers.
In 2024, the average cost of a starter home in California was $497,780, requiring a minimum income of $119,223 to afford it. This amount is nearly $50,000 above the national average.
Compared to states like Arizona and Oregon, California poses a much greater financial challenge for first-time homebuyers, making it the second most expensive state for housing after Hawaii.
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