Okay, the headline is a bit misleading as it refers to California statewide where 32 percent of residents can afford to purchase the median-priced $496,620 single-family home in the first quarter of 2017, an improvement of 1 percent over the last quarter of 2016.
However, according to the California Association of Realtors’ most recent housing affordability report nothing has changed in the Bay Area where only 25 percent of the nine county residents can afford the median-priced ($780,330) single-family home.
Currently, the average Bay Area household needs an annual income of $160,000 to manage the $4010 monthly mortgage payment.
As in the past, low inventory remains the primary obstacle to affordability in the Bay Area.
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