California Housing Affordability Hits 10 Year Low

CBS San Francisco-

Housing affordability in California is at its lowest in 10 years and fewer than one in five households can afford to buy a median-priced single-family home in the Bay Area, according to the California Association of Realtors.

The group released its quarterly Housing Affordability Index report, based on home sales in the second quarter.

In the nine-county region, the realtors found the median home price for a single-family home is $1.035 million and buyers would need an in income of at least $219,380 to qualify. Only 18 percent of Bay Area residents could afford to buy, down from 23 percent in the 1st quarter

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