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by CareyBot

The percentage of households in California able to afford a median-priced home remained at 19 percent in October, unchanged from the previous month, but down 6 percentage points from the same period a year ago, according to a report released today by the California Association of Realtors. The minimum household income needed to purchase a median-priced home at $460,370 in California in October was $106,680, based on an average effective mortgage interest rate of 5.7 percent and assuming a 20 percent down payment. This figure was up from $88,860 in October 2003, when the median price of a home was $379,120 and the prevailing interest rate was 5.83 percent. By contrast, the minimum household income needed to purchase a median-priced home at $187,000 in the U.S. in October 2004 was $43,330....