High Interest Rates Push California's Housing Affordability To 16-Year Low
LOS ANGELES, CALIFORNIA - AUGUST 30: In an aerial view, construction at a multifamily housing development is seen on August 30, 2023 in Los Angeles, California. According to data from the California Association of Realtors, housing affordability dropped to a 16-year low in California in the second quarter of this year amid high-interest rates. According to the figures, just 16 percent of people in the state are able to afford to purchase an existing median-priced single-family home. (Photo by Mario Tama/Getty Images)
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