(Los Angeles, CA) -- Not all Californians can afford to buy a house set at the median price. According to the California Association of Realtors, 29 percent of California residents can afford the median-priced home of just over $553,000 set in the second quarter of this year. That's down from 32 percent in the first quarter of this year.
To afford that kind of a home and make the monthly payments of around $2,700, homeowners would need a minimum annual income of just under $111,000. Thirty-eight-percent of potential home buyers were able to purchase the median-price of a condo or townhome at just over 443-thousand-dollars. Those home buyers needed a salary of just under $89,000 to afford the mortgage payments.
The most affordable counties in California were Tehama, Kern and Sutter counties. San Francisco, San Mateo and Santa Barbara counties were the least affordable in the state.