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For release:
November 7, 2019
Cheaper mortgages and income growth improve housing affordability in third quarter, C.A.R. reports
LOS ANGELES (Nov. 7) – A lower cost of borrowing and higher income levels allowed more Californians to afford a home purchase during the third quarter of 2019, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) said today.
The percentage of home buyers who could afford to purchase a median-priced, existing single-family home in California in third-quarter 2019 edged up to 31 percent from 30 percent in the second quarter of 2019 and up from 27 percent in the third quarter a year ago, according to C.A.R.’s Traditional Housing Affordability Index (HAI). California’s housing affordability index hit a peak of 56 percent in the third quarter of 2012.
C.A.R.’s HAI measures the percentage of all households that can afford to purchase a median-priced, single-family home in California. C.A.R. also reports affordability indices for regions and select counties within the state. The index is considered the most fundamental measure of housing well-being for home buyers in the state.
A minimum annual income of $120,400 was needed to qualify for the purchase of a $613,470 statewide median-priced, existing single-family home in the third quarter of 2019. The monthly payment, including taxes and insurance on a 30-year, fixed-rate loan, would be $3,010, assuming a 20 percent down payment and an effective composite interest rate of 3.85 percent, the lowest rate since third-quarter 2016. The effective composite interest rate was 4.17 percent in second-quarter 2019 and 4.77 percent a year ago.
Housing affordability for condominiums and townhomes also improved in the third-quarter 2019 compared to the previous quarter, with 43 percent of California households earning the minimum income to qualify for the purchase of a $465,000 median-priced condominium/townhome, up from 40 percent in the previous quarter. An annual income of $91,200 was required to make monthly payments of $2,280. Thirty-six percent of households could afford to buy a condominium/townhome a year ago.
Compared with California, more than half of the nation’s households (56 percent) could afford to purchase a $280,020 median-priced home, which required a minimum annual income of $54,800 to make monthly payments of $1,370.
Key points from the third-quarter 2019 Housing Affordability report include:
See C.A.R.’s historical housing affordability data.
See first-time buyer housing affordability data.
Leading the way…® in California real estate for more than 110 years, the CALIFORNIA ASSOCIATION OF REALTORS® (www.car.org) is one of the largest state trade organizations in the United States with more than 200,000 members dedicated to the advancement of professionalism in real estate. C.A.R. is headquartered in Los Angeles.
# # #
CALIFORNIA ASSOCIATION OF REALTORS®
Traditional Housing Affordability Index
Third quarter 2019
STATE/REGION/COUNTY |
3rd Qtr. 2019 |
2nd Qtr. 2019 |
|
3rd Qtr. 2018 |
|
Median Home Price |
Monthly Payment Including Taxes & Insurance |
Minimum Qualifying Income |
Calif. Single-family home |
31 |
30 |
|
27 |
|
$613,470 |
$3,010 |
$120,400 |
Calif. Condo/Townhome |
43 |
40 |
|
36 |
|
$465,000 |
$2,280 |
$91,200 |
Los Angeles Metro Area |
33 |
32 |
|
30 |
|
$547,250 |
$2,680 |
$107,200 |
Inland Empire |
44 |
42 |
|
41 |
|
$380,000 |
$1,860 |
$74,400 |
San Francisco Bay Area |
29 |
24 |
|
21 |
|
$910,000 |
$4,460 |
$178,400 |
United States |
56 |
55 |
|
53 |
|
$280,200 |
$1,370 |
$54,800 |
|
|
|
|
|
|
|
|
|
San Francisco Bay Area |
|
|
|
|
|
|
|
|
Alameda |
26 |
23 |
|
18 |
|
$920,000 |
$4,510 |
$180,400 |
Contra Costa |
39 |
35 |
|
32 |
|
$665,000 |
$3,260 |
$130,400 |
Marin |
22 |
21 |
|
19 |
|
$1,275,000 |
$6,250 |
$250,000 |
Napa |
29 |
28 |
|
24 |
|
$725,250 |
$3,550 |
$142,000 |
San Francisco |
18 |
17 |
|
15 |
|
$1,580,000 |
$7,740 |
$309,600 |
San Mateo |
20 |
18 |
|
14 |
|
$1,510,000 |
$7,400 |
$296,000 |
Santa Clara |
22 |
20 |
|
17 |
|
$1,240,000 |
$6,080 |
$243,200 |
Solano |
47 |
46 |
|
38 |
|
$460,000 |
$2,250 |
$90,000 |
Sonoma |
28 |
28 |
|
22 |
|
$673,250 |
$3,300 |
$132,000 |
Southern California |
|
|
|
|
|
|
|
|
Los Angeles |
25 |
29 |
|
22 |
|
$649,570 |
$3,180 |
$127,200 |
Orange |
25 |
24 |
|
20 |
|
$826,000 |
$4,050 |
$162,000 |
Riverside |
41 |
39 |
|
37 |
|
$420,000 |
$2,060 |
$82,400 |
San Bernardino |
51 |
50 |
|
48 |
|
$315,000 |
$1,540 |
$61,600 |
San Diego |
29 |
27 |
|
23 |
|
$645,000 |
$3,160 |
$126,400 |
Ventura |
30 |
30 |
|
28 |
|
$667,500 |
$3,270 |
$130,800 |
Central Coast |
|
|
|
|
|
|
|
|
Monterey |
24 |
24 |
|
20 |
|
$649,000 |
$3,180 |
$127,200 |
San Luis Obispo |
27 |
25 |
|
21 |
|
$635,000 |
$3,110 |
$124,400 |
Santa Barbara |
22 |
20 |
|
26 |
|
$710,000 |
$3,480 |
$139,200 |
Santa Cruz |
22 |
17 |
|
12 |
|
$855,000 |
$4,190 |
$167,600 |
Central Valley |
|
|
|
|
|
|
|
|
Fresno |
49 |
48 |
|
46 |
|
$285,500 |
$1,400 |
$56,000 |
Kern |
51 |
50 |
|
53 |
|
$260,000 |
$1,270 |
$50,800 |
Kings |
55 |
55 |
|
51 |
|
$257,000 |
$1,260 |
$50,400 |
Madera |
52 |
51 |
|
48 |
|
$282,880 |
$1,390 |
$55,600 |
Merced |
49 |
47 |
|
40 |
|
$279,000 |
$1,370 |
$54,800 |
Placer |
48 |
45 |
|
42 |
|
$499,000 |
$2,450 |
$98,000 |
Sacramento |
45 |
44 |
|
42 |
|
$388,000 |
$1,900 |
$76,000 |
San Benito |
35 |
35 |
|
27 |
|
$589,500 |
$2,890 |
$115,600 |
San Joaquin |
44 |
44 |
|
38 |
|
$385,000 |
$1,890 |
$75,600 |
Stanislaus |
48 |
48 |
|
45 |
|
$335,000 |
$1,640 |
$65,600 |
Tulare |
51 |
50 |
|
47 |
|
$250,000 |
$1,230 |
$49,200 |
Other Calif. Counties |
|
|
|
|
|
|
|
|
Amador |
49 |
46 |
r |
NA |
|
$320,000 |
$1,570 |
$62,800 |
Butte |
38 |
35 |
|
39 |
|
$360,000 |
$1,760 |
$70,400 |
Calaveras |
49 |
46 |
|
43 |
|
$330,000 |
$1,620 |
$64,800 |
El Dorado |
42 |
40 |
|
41 |
|
$509,600 |
$2,500 |
$100,000 |
Humboldt |
37 |
37 |
|
33 |
|
$330,250 |
$1,620 |
$64,800 |
Lake |
47 |
44 |
|
39 |
|
$259,500 |
$1,270 |
$50,800 |
Lassen |
64 |
63 |
|
67 |
|
$204,000 |
$1,000 |
$40,000 |
Mariposa |
44 |
45 |
|
40 |
|
$316,500 |
$1,550 |
$62,000 |
Mendocino |
30 |
29 |
|
23 |
|
$405,000 |
$1,980 |
$79,200 |
Mono |
17 |
15 |
|
11 |
|
$697,500 |
$3,420 |
$136,800 |
Nevada |
41 |
40 |
|
32 |
|
$417,500 |
$2,050 |
$82,000 |
Plumas |
46 |
37 |
|
44 |
|
$316,500 |
$1,550 |
$62,000 |
Shasta |
47 |
47 |
|
44 |
|
$285,000 |
$1,400 |
$56,000 |
Siskiyou |
51 |
49 |
|
47 |
|
$225,000 |
$1,100 |
$44,000 |
Sutter |
47 |
46 |
|
45 |
|
$315,000 |
$1,540 |
$61,600 |
Tehama |
46 |
47 |
|
49 |
|
$255,500 |
$1,250 |
$50,000 |
Tuolumne |
49 |
48 |
|
41 |
|
$300,000 |
$1,470 |
$58,800 |
Yolo |
39 |
40 |
|
35 |
|
$469,000 |
$2,300 |
$92,000 |
Yuba |
48 |
46 |
|
48 |
|
$299,950 |
$1,470 |
$58,800 |
R = revised
NA = not available