Housing Affordability California

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3rd Quarter Housing Affordability

• 28% of California households could afford to purchase the $555,680
median-priced home in the third quarter of 2017, down from 29% in
second-quarter 2017 and down from 31% in the third-quarter 2016.

• A minimum annual income of $112,100 was needed to make the
monthly payments of $2,800, including principal interest, and taxes on a
30-year fixed-rate mortgage at a 4.16% interest rate.

• 38% of Riverside County households could afford to purchase the
$387,000 median-priced home in the third quarter. An annual income of
$78,070 was needed to make the monthly payments of $1,950.

• 51% of San Bernardino County households could afford to purchase the
$270,000 median-priced home in the third quarter. An annual income of
$54,470 was needed to make the monthly payments of $1,360.

• 26% of San Diego County households could afford to purchase the
$607,000 median-priced home in the third quarter. An annual income of
$122,460 was needed to make the monthly payments of $3,060.

• During the third quarter of 2017, the most affordable counties in
California were Tehama (56%), Kern (53%), and Kings, (52%).

• During the third quarter of 2017, the least affordable counties in
California were San Francisco (13%), San Mateo (15%), Santa Clara and
Santa Cruz, (both at 17%), and Marin (18%).

from CAR.ORG December 2017

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Gary & April Greer, Realtors since 1998

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