California Housing Affordability Inches up in First Quarter of 2017
Source: California Association of Realtors
LOS ANGELES (May 15) – Despite a moderate increase in mortgage interest rates, seasonal price declines and higher household income elevated California’s housing affordability in first-quarter 2017, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) said today.
Thirty-two percent of California households could afford to purchase the $496,620 median-priced home in the first quarter of 2017, up from 31 percent in fourth-quarter 2016 but down from 34 percent in first-quarter 2016.
Affordability index measures percentage of home buyers who could afford to purchase a median-priced in California.
Here are a quick snapshot of different regions in California for first quarter 2017
| C.A.R. Region | Housing Affordability Index |
Median Home Price |
Monthly Payment Including Taxes & Insurance | Minimum Qualifying Income |
| CA SFH (SAAR) | 32 | $496,620 | $2,550 | $102,050 |
| CA Condo/Townhomes | 40 | $414,940 | $2,130 | $85,270 |
| Los Angeles Metropolitan Area | 33 | $461,920 | $2,370 | $94,920 |
| Inland Empire | 43 | $326,460 | $1,680 | $67,080 |
| S.F. Bay Area | 25 | $780,330 | $4,010 | $160,350 |
| United States | 57 | $232,100 | $1,190 | $47,690 |
