California officials announced more than $414 million in funding on Monday to build or rehabilitate 2,099 homes across 16 counties, with most of the homes reserved for low- and extremely low-income residents.
Of those, 794 will be reserved for households earning up to 30% of the area median income, 866 for those earning 31% to 50%, and 408 for households earning 51% to 80%.
“We cannot solve either the homelessness or housing affordability crisis without creating new housing. Today’s announcement will create thousands of new homes for California families, helping hundreds of thousands of people access housing,” Gov. Gavin Newsom said in a statement.
Housing affordability isn’t anything new to the Golden State. A June study of housing affordability reveals that the income needed to buy a typical home increased to nearly $125,000 nationwide — far above the U.S. median household income of $77,719.
In California’s most expensive cities, that figure is more than double, and in some cases, more than quadruple.
The news is also grim for renters.
A study found that California is the most expensive state for renters, requiring a person to work 98 hours at the minimum wage of $16.50 to afford a modest one-bedroom rental home at the Fair Market Rent, which is $2,092 per month.
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