California gets an ‘F’ in housing affordability [Video]

California is failing in its efforts to build and provide affordable housing for its residents.

That’s according to a report from Realtor.com, which ranked the state 47 out of 51 states (including Washington D.C.) for housing affordability in the country.

High home prices, low affordability and limited new construction continue to be significant challenges facing California and many other states.

The site determined its rankings based on a state’s housing affordability and its ability to meet future supply challenges through new construction. 

Affordability was measured using Realtor.com data that examines affordability conditions at different income percentiles and by the share of median income spent on a median-priced home, and homebuilding was measured using permit-to-population ratios and the cost difference between new and existing homes.

What they’re saying:

“The only real solution to housing affordability is to build more homes,” said Realtor.com CEO Damian Eales. “Some states are making progress, but too many others are stuck in …