Only 16% of Californians can afford to buy home as mortgage rates rise

Buyers of a single-family house with the median California price needed at least $208,000 in annual income to qualify.

By John Gittelsohn | Bloomberg

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.

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