California housing affordability inches up as seasonal price declines and income growth offset higher interest rates

Thirty-two percent of California households could afford to purchase the $496,620 median-priced home in the first quarter of 2017, up from 31 percent in fourth-quarter 2016 but down from 34 percent in first-quarter 2016.

A minimum annual income of $102,050 was needed to make monthly payments of $2,550, including principal, interest, and taxes on a 30-year fixed-rate mortgage at a 4.36 percent interest rate.

Forty percent of home buyers were able to purchase the $414,940 median-priced condo or townhome. An annual income of $85,270 was required to make a monthly payment of $2,130.

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