California’s Roller Coaster Median Home Prices

Home PriceAccording Data Tracker, 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. 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 $40,000 in the Kern County- Bakersfield MSA 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.

Excerpt from By Phillip Reese – preese@sacbee.comRead more here.

 

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