SAN FRANCISCO, Jan. 28 (UPI) -- At the current median price of $560,240 for a Bay Area home, California's housing costs seem to have gone through the roof.
At that rate, one would need an annual household income of at least $124,000 to buy an average home, says KPIX-TV, quoting California Budget Project, an advocacy organization for low and middle-income groups.
The group says the state's affordable housing crisis is now on an emergency footing.
The group says the qualifying income of $124,000 is about $47,000 higher than the average income of an Oakland household, and $32,000 higher than the average income of a San Francisco household.
The organization says home prices continue to rise much faster than incomes, keeping many potential buyers in rental housing.
The report calls for federal, state, and local governments to commit themselves to more affordable housing.
