CAR (Calif) – Second quarter 2016 housing affordability

Strong seasonal home prices weaken housing affordability in second quarter

Minimum annual income required to purchase hits six digits for first time since Great Recession

• Thirty-one percent of California households could afford to purchase the $516,220 median-priced home in the second quarter, down from 34 percent in first-quarter 2016 and up from 30 percent in second-quarter 2015.

• A minimum annual income of $101,217 was needed to make monthly payments of $2,530, including principal, interest, and taxes on a 30-year fixed-rate mortgage at 3.85 percent interest rate.

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