Q1 California Housing Affordability Improves
May 14, 2019
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.
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