Fewer can buy median home
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In April, the minimum household income needed to afford a median-priced home in California topped $100,000 for the first time.
As a result, the percentage of households able to afford the $453,590 median home plummeted to 20% from 27% for the same month last year, the California Assn. of Realtors said Thursday.
A household needed to earn a minimum of $102,550 to afford the median home, based on a 30-year, fixed-rate 5.42% mortgage and a 20% down payment. A household with a minimum income of $39,790 could buy the U.S. median-priced home of $176,000 in April.
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