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.
|Monthly Payment Including Taxes & Insurance||Minimum
|CA SFH (SAAR)||32||$496,620||$2,550||$102,050|
|Los Angeles Metropolitan Area||33||$461,920||$2,370||$94,920|
|S.F. Bay Area||25||$780,330||$4,010||$160,350|