California Housing Affordability Inches up in First Quarter of 2017

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.

NBRE News

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

 

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