The average home prices in most California counties are out of reach for average home buyers and tight housing inventories have further exacerbated the problem, according to an analysis by the California Association of Realtors.
Only seven of 32 reporting counties in the state had home prices that are affordable to home buyers who earn the areas’ median household income, while homes in 25 counties were out of reach for the typical household, the C.A.R. study found.
Furthermore, less than one-third of the state’s inventory of available single-family homes, condominiums, and townhomes for sale was at or below the home price that a household earning the California median income of $60,244 can afford.
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