San Diego, California – California’s housing market remains out of reach for most residents, with stark disparities across ethnic groups, according to a new report from the California Association of Realtors (CAR).
Less than 18% of all Californians earned enough income in 2024 to afford the $865,440 median-priced home, down from 19% the previous year, CAR announced Thursday. The affordability divide is even more pronounced when broken down by race: 21% of white households could afford a median-priced home, compared to just 10% of Black households and 9% of Hispanic/Latino families. Meanwhile, 27% of Asian households had sufficient income to buy a median-priced home.
Elevated mortgage rates and rising home prices continued to strain affordability. The typical monthly payment for a median-priced detached home climbed 6% last year compared to 2023, CAR reported…