State: Housing Affordability Down to Multi-Decade Lows

FRESNO, Calif. (KMJ) — A new report from the Department of Housing and Community Development confirms the notion of vast unaffordability.

While the Bay Area and Southern California are significantly tighter than the Central Valley, housing and homeownership remain a problem statewide.

Nearly a third of renters spend more than half of their income on a dwelling space, and rates of homeownership have fallen to levels from the 1940s.

The report also blames insufficient construction.

180,000 new homes are needed each year to meet the demand, but only about 80,000 thousand are being built.

Aaron Abeytia anchors afternoon newscasts on News/Talk 580 & 105.9 KMJ. Read More…