Riverside County homebuyers got some good news in the third quarter of 2024 with housing affordability improving slightly from the previous quarter, the California Association of Realtors announced Thursday.

Twenty-one percent of county households could afford to buy the $635,000 median-priced home in the third quarter of this year, an improvement over the 19% during the third quarter of 2023, and up from 18% in second-quarter 2024, according to the association.

A minimum annual income of $159,200 was needed to make monthly payments of $3,980, including principal, interest and taxes on a 30-year fixed-rate mortgage at a 6.63% interest rate, the report said.

CAR also broke down the numbers for the Inland Empire. It reported that 22% of IE households could afford to buy the $590,000 median-priced home in the third quarter of this year, up from 20% during both the third quarter of 2023 and second-quarter 2024. A minimum annual income of $148,000 was needed to make monthly payments of $3,700, including principal, interest and taxes on a 30-year fixed-rate mortgage at a 6.63% interest rate, the report said.

Sixteen percent of California households could afford to purchase the $880,250 statewide median-priced home in the third quarter of 2024, up from 14% in second-quarter 2024 and up from 15% in third-quarter 2023, CAR said.

A minimum annual income of $220,800 was needed to make monthly payments of $5,520, including principal, interest and taxes on a 30-year fixed-rate mortgage at a 6.63% interest rate, the report said.

Also statewide, 25% of home buyers were able to purchase the $670,000 median-priced condo or townhome. A minimum annual income of $168,000 was required to make a monthly payment of $4,200, according to the association.