One-Third of Californians in Major Metros Can’t Afford Homes – Times of San Diego

Housing affordability in California’s major metropolitan areas is the worst in the United States, with a third of wage earners unable to afford the lowest priced home, according to a report released Monday.

The online real estate company Zillow said home affordability among the least affluent third of Americans has worsened sharply nationwide over the past two years, as the housing market has recovered but incomes have not.

The bottom third of wage earners are effectively locked out of the market San Diego, San Francisco, Los Angeles and Silicon Valley, where those in the bottom third would have to spend over 70 percent of their monthly income on a low-priced home. Only Sacramento is relatively affordable.

via One-Third of Californians in Major Metros Can’t Afford Homes – Times of San Diego.

 

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