Q1 California Housing Affordability Improves – NMP
Industry News

Q1 California Housing Affordability Improves

May 14, 2019
Photo credit: Getty Images/KingWu

Thirty-two percent of California households were able to afford the purchase of a $545,820 median-priced home during the first quarter, according to data from the California Association of Realtors (CAR). This level is from 28 percent in the fourth quarter 2018 and up from 31 percent a year ago.
 
CAR noted that households would need a minimum annual income of $114,860 o make monthly payments of $2,870 on the state’s median-priced home, including principal, interest and taxes on a 30-year fixed-rate mortgage at a 4.62 percent interest rate. For those buying a median-priced condo or townhome, 41 percent of California home buyers were able to purchase the $450,000 property, and would need an annual income of $94,690 to make a monthly payment of $2,370 on that type of property.
 
Compared with California, 57 percent of the nation's households could afford to purchase a $254,800 median-priced home, which required a minimum annual income of $53,620 to make monthly payments of $1,340, CAR added.
 
About the author
Phil Hall
Link copied
Published
May 14, 2019
Get the NMP Daily
Industry News
Newfi And Addy AI Announce Partnership

Newfi and Addy AI today announced a collaboration focused on the continued evolution of artificial intelligence in mortgage lending

Newfi and Addy AI today announced a collaboration focused on the continued evolution of artificial intelligence in mortgage lending.Newfi has built innovative lending products and a modern approach to the mortgage market. As the industry evolves, the company continues to exp...

Continue reading
Analysis and Data
Smaller Down Payments Give Buyers More Room, But Rates Limit The Savings

The typical down payment fell 9% from a year ago, while shifting market conditions are giving originators different affordability conversations across the country

Homebuyers are putting less money down than they were a year ago, another sign that increased inventory and greater negotiating room are changing the purchase market.The typical down payment fell to $27,100 in the second quarter of 2026, the lowest second-quarter dollar amou...

Continue reading
Renew your NMLS License — for free.

Enjoy access to a free NMLS renewal class when you attend an in-person event.

Find an event
More from
Industry News
CHLA: More Freddie Mac MBS Buying Could Narrow Mortgage Spreads

Trade group estimates greater Freddie participation could compress spreads another 10 to 12 basis points as Fannie has taken the lead in GSE mortgage-bond buying

Industry News
Sep 23, 2026
Early Loan-Limit Race Splits Into Three Tiers

Lenders are now offering $845,000, $847,440, or $850,000 before FHFA sets the official 2027 limits

Industry News
Sep 23, 2026
Better, Garg Clash Over Claimed 46% Shareholder Support

Better disputes its former CEO’s preliminary consent count as the two sides trade accusations and an Oct. 2 target date approaches

C-Suite Strategies
Sep 23, 2026
Fannie Changes How Rent From A Former Home Counts

Fannie now prohibits leases for departing residences and permits market-analysis tools instead of Form 1007, creating a key documentation difference from Freddie Mac

Regulation and Compliance
Sep 22, 2026
MPF Expands Eligibility For Manufactured And Renovation Loans

The Mortgage Partnership Finance Program has expanded MPF Traditional eligibility for affordable loans, manufactured homes, renovations, and lender-funded assistance

Industry News
Sep 22, 2026