Home Affordability Hits 10 Year Low in California, Especially Sacramento

By Pacey on August 8, 2018

(Photo by Joe Raedle/Getty Images)

In California, data shows that housing affordability has hit a 10 year low. Three out of four state residents can no longer afford sky-high median homes prices. This is the lowest mark since 2008, right before the Great Recession. The state median single-family home price hit $597,000 during this last sales period. The same goes in Sacramento, as the median home cost is $374,000, where it hit a decade record low of only 41 percent of residents able to buy a median priced home. However that happens to be a much better statistic than in the Bay Area, where only 18 percent of people can purchase a median priced home. In short, we’re all screwed.