HOMEOWNERSHIP LARGELY OUT OF REACH FOR MANY CALIFORNIANS

From the California Association of Realtors...

In every county across the sate, the income needed to buy a median-priced home in California has surpassed the median household income, according to the results of a study released earlier this month by the California Budget Project.

According to the report, more than 43 percent of all California households are renters, and nearly a quarter of them are projected to be spending more than half their incomes on rent, eliminating the opportunity to save for a down payment on a home.

"All indications suggest that the situation (for renters) has grown worse over the past three years," the report states. "The number of Californians in need of affordable housing far outstrips the supply of low cost units."

Click here for the full report.