Real Estate
RivCo Housing Affordability Slipping Away This Quarter: What Prospective Home Buyers Should Know
With a median housing price rising to upwards of $640,000, how likely would you be to afford your own home in Riverside County?
RIVERSIDE COUNTY, CA — Housing affordability slipped in Riverside County during the second quarter as higher mortgage rates and rebounding home prices continued to make homeownership more difficult for prospective buyers, according to a report released Wednesday by the California Association of Realtors.
In Riverside County, 28% of households could afford to purchase the county's median-priced single-family home of $640,000 during the second quarter, down from 29% in the first quarter but up from 25% a year earlier, the association said. A minimum annual income of $159,600 was needed to qualify for the purchase.
Across the Inland Empire, 25% of households could afford the region's $605,000 median-priced home. Buyers needed a minimum annual income of $150,800.
"Despite improving from a year earlier, affordability remains near historic lows as elevated housing costs and borrowing expenses continue to limit homeownership opportunities across many California communities," the report said.
Statewide, housing affordability fell to 19% in the second quarter from a four-year high of 22% in the first quarter. The statewide median home price rose to $916,750, requiring a minimum qualifying income of $228,400, according to the association.
