California Real Estate Spiraling Out of Reach of Average Buyer

San Francisco Real EstateFamilies who earn an average income can only afford a home in seven of 32 California counties, according to the California Association of Realtors. The report said someone earning the state’s median income of $60,244 can afford less than a third of California’s available homes, condos and town homes.

For Judy Cornick, a Sacramento retiree with some decent equity from her current home, it’s still a tight squeeze to get even a small place in downtown Sacramento.

“Everything I really want size-wise is probably a good, $30,000, $40,000, $50,000 out of my reach,” Cornick said as she checked out a home in Sacramento’s prestigious Land Park neighborhood. The 1,400-square foot, one bathroom, two bedroom home she’s looking at is a relative steal at just under $400,000.

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Authored By Dave Marquis – See the Full Story at News 10

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