Housing affordability in California slid to the lowest level since 2007 in the second quarter, with interest rates above 6% and home prices elevated by a shortage of inventory, the California Association of Realtors reported.
Just 16% of California households could afford a median-priced home, and the figure was even lower for San Diego County at 13%.
The last time the affordability level was this low was just before the Great Recession, which began in late 2007 and lasted until mid 2009.
The Realtors association calculated affordability based on a 20% down payment and 30-year fixed-rate mortgage at 6.6% interest.
For San Diego County, a median-priced home cost $942,350, requiring a monthly payment of $5,900 and annual income of $236,000.
Lassen County in the far north of the state is the most affordable with 52% of households able to buy a median-priced home, while thinly populated Mono County is the least affordable at just 5% followed by Santa Barbara County at 10%.
The national average for affordability is 33%, with a median-priced home costing $402,600, requiring monthly payments of $2,520 and an annual income of $100,800.
