California housing market remains brutal nightmare for buyers it gets worse for ordinary families

California’s housing market remains a brutal nightmare for buyers, with ordinary families needing a staggering $228,000 annual income just to afford a typical home.A measly 19% of households could afford a median-priced, existing single-family home in the Golden State during the third quarter, according to figures released Friday by the California Association of Realtors.The dismal affordability rate was unchanged from the previous quarter and the same period last year, offering little relief to Californians hoping to buy a piece of the American Dream.The biggest news, opinion and culture shaping California right now.

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Never miss a story Even as home prices dipped, higher mortgage rates kept the cost of buying painfully high, leaving would-be homeowners facing enormous monthly payments.The minimum qualifying household income needed to purchase a median-priced California home hit $228,000 in the third quarter, unchanged from the previous quarter and $4,400 higher than a year earlier.Buyers also faced a monthly mortgage bill of $5,700, including principal, interest, taxes and insurance.That figure was flat from the second quarter but up 2% year over year.California Post News: Facebook, Instagram, TikTok, X, YouTube, WhatsApp, LinkedInCalifornia Post Sports Facebook, Instagram, TikTok, YouTube, XCalifornia Post Opinion California Post Newsletters: Sign up here!California Post App: Download here!Home delivery: Sign up here!Page Six Hollywood: Sign up here!California’s monthly housing payment remained more than twice the national average of $2,760, according to C.A.R.And the affordability crunch shows little sign of easing.

The income required to buy a typical California home has topped $200,000 in 15 of the past 16 quarters.Mortgage rates could remain elevated over the coming months, with inflation likely to stay...