California median home prices have risen by $120,000 in the last three years, once again putting them out of reach of most households in the state.Thanks Federal Reserve for declaring war on middle income people!
The median sales price for homes in California - the middle-priced home in a ranked list - was $393,000 in January 2015, according to real estate tracking firm Zillow.com.
A household would need to make about $78,000 a year to reasonably afford a home at that price, assuming a 20 percent down payment. Almost two thirds of the state's households make less than $78,000, according to the U.S. Census Bureau.
The household income needed to afford a median-priced home ranges from $27,000 in the farming town of Tulare to $442,000 in the Silicon Valley town of Palo Alto.
This graphic shows the amount of income a household would need to buy the median-priced home in each California city with more than 30,000 residents.
Monday, March 16, 2015
See how much income you'd need to afford a home in most California cities
The Sacramento Bee reports: