Skip to main content

Study: California Offers the Least Affordable Housing Markets

Phil Hall
Apr 06, 2018
Potential homeowners in search of affordable residential properties will have a tough time if they are hunting in California

Potential homeowners in search of affordable residential properties will have a tough time if they are hunting in California, according to the 2018 Home Affordability Report issued by San Francisco-based Unison Home Ownership Investors.
 
The report, which analyzed the nation’s 22 largest metro areas, determined that the least affordable metros in the country are all in California. These include the San Francisco-Oakland-Hayward metro area, where an annual salary of $231,000 is needed to buy the median home with a 10 percent down payment, along with the Los Angeles-Long Beach-Anaheim market, where a salary of $157,000 is required, and the San Diego-Carlsbad market, where a salary of $139,000 is required.
 
On the flip side, the Midwest had the most affordable metros, including Michigan’s Detroit-Warren-Dearborn market, where an annual salary of $35,000 is needed to buy the median home with a 10 percent down payment, and Kansas City, where a salary of $41,000. Florida’s Tampa-St. Petersburg-Clearwater was also affordable: a salary of $44,000 is needed to buy a median home with a 10 percent downpayment.
 
“We hope to make the process easier and more manageable by providing data and insights that help identify city and neighborhood options based on their budgets,” said Benjamin Feldman, Director of Content at Unison.
Potential homeowners in search of affordable residential properties will have a tough time if they are hunting in California

 
Published
Apr 06, 2018
Planet Home Lending Reports Total Origination Volume Of $6.8B In Q2 2021

Planet Home Lending's total origination volume reached $6.8 billion in Q2 2021, up 77% from $3.9 billion in Q2 2020.

Industry News
Jul 22, 2021
FHFA Ends Controversial Refinance Fee

The FHFA announced that Fannie Mae and Freddie Mac will eliminate the Adverse Market Refinance Fee for loan deliveries, starting August 1, 2021.

Analysis and Data
Jul 19, 2021
Interfirst Mortgage Launches ONE, Backed By Non-Owner Occupied Properties

ONE is a unique product built on a single interest rate with no adjustments and qualifies off the cash flow of the rental property.

Industry News
Jul 16, 2021
Global Digital Lending Market Projected To Reach $27B By 2028

The Global Digital Lending Platform Market was valued at $7.14 billion in 2020 and is projected to reach $27.07 billion by 2028.

Analysis and Data
Jul 14, 2021
FOMC Discusses Raising Interest Rates

Inflationary pressures have finally forced the Federal Open Market Committee (FOMC) to discuss raising interest rates and tapering its bond-buying program.

Analysis and Data
Jul 14, 2021
Fathom Holdings Inc. Creates New Hispanic Division

Fathom Holdings Inc., a technology-driven real estate platform, announced the creation of their Hispanic Division to more adequately serve this fast-growing demographic. 

Industry News
Jul 07, 2021