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Highly competitive market depresses California housing affordability in
second-quarter 2021, C.A.R. reports
LOS ANGELES (Aug. 12) – A highly competitive market fueled by low interest rates and a tight supply of homes for sale pushed the state’s median home price nearly 34 percent higher than a year ago and depressed housing affordability in California in the second quarter of 2021, 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 second-quarter 2021 dropped to 23 percent from 27 percent in the first quarter of 2021 and from 33 percent in the second quarter of 2020, according to C.A.R.’s Traditional Housing Affordability Index (HAI). The second-quarter 2021 figure is less than half of the affordability index peak of 56 percent in the second 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 $150,800 was needed to qualify for the purchase of a $817,950 statewide median-priced, existing single-family home in the second quarter of 2021. The monthly payment, including taxes and insurance on a 30-year, fixed-rate loan, would be $3,770, assuming a 20 percent down payment and an effective composite interest rate of 3.20 percent. The effective composite interest rate was 3.08 percent in first-quarter 2021 and 3.43 percent in second-quarter 2020.
Housing affordability for condominiums and townhomes also declined in second-quarter 2021 compared to a year ago, with 37 percent of California households earning the minimum income to qualify for the purchase of a $585,000 median-priced condominium/townhome, down from 40 percent during the previous quarter and from 44 percent in second-quarter 2020. An annual income of $108,000 was required to make monthly payments of $2,700.
Compared with California, half of the nation’s households could afford to purchase a $357,900 median-priced home, which required a minimum annual income of $66,000 to make monthly payments of $1,650. Nationwide affordability also fell from 57 percent a year ago.
Key points from the second-quarter 2021 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
Second quarter 2021
Q22021 |
C.A.R. Traditional Housing Affordability Index |
|||||||
STATE/REGION/COUNTY |
Q22021 |
Q12021 |
|
Q22020 |
|
Median Home Price |
Monthly Payment Including Taxes & Insurance |
Minimum Qualifying Income |
CA SFH (SAAR) |
23 |
27 |
|
33 |
|
$817,950 |
$3,770 |
$150,800 |
CA Condo/Townhomes |
37 |
40 |
|
44 |
|
$585,000 |
$2,700 |
$108,000 |
Los Angeles Metropolitan Area |
24 |
29 |
|
36 |
|
$730,000 |
$3,360 |
$134,400 |
Inland Empire |
36 |
39 |
|
46 |
|
$510,000 |
$2,350 |
$94,000 |
S.F. Bay Area |
19 |
23 |
|
28 |
|
$1,345,000 |
$6,200 |
$248,000 |
US |
50 |
54 |
|
57 |
|
$357,900 |
$1,650 |
$66,000 |
|
|
|
|
|
|
|
|
|
S.F. Bay Area |
|
|
|
|
|
|
|
|
Alameda |
18 |
22 |
|
26 |
|
$1,300,000 |
$5,990 |
$239,600 |
Contra Costa |
26 |
32 |
|
37 |
|
$1,000,000 |
$4,610 |
$184,400 |
Marin |
21 |
22 |
|
22 |
|
$1,650,000 |
$7,600 |
$304,000 |
Napa |
23 |
24 |
|
33 |
|
$905,000 |
$4,170 |
$166,800 |
San Francisco |
19 |
20 |
|
19 |
|
$1,900,000 |
$8,760 |
$350,400 |
San Mateo |
17 |
19 |
|
19 |
|
$2,117,500 |
$9,760 |
$390,400 |
Santa Clara |
21 |
22 |
|
22 |
|
$1,699,500 |
$7,830 |
$313,200 |
Solano |
40 |
44 |
|
46 |
|
$570,000 |
$2,630 |
$105,200 |
Sonoma |
25 |
27 |
|
31 |
|
$795,000 |
$3,660 |
$146,400 |
Southern California |
|
|
|
|
|
|
|
|
Los Angeles |
22 |
24 |
r |
31 |
r |
$756,020 |
$3,480 |
$139,200 |
Orange |
17 |
20 |
|
25 |
|
$1,109,500 |
$5,110 |
$204,400 |
Riverside |
33 |
36 |
|
43 |
|
$560,000 |
$2,580 |
$103,200 |
San Bernardino |
43 |
45 |
|
54 |
|
$420,000 |
$1,940 |
$77,600 |
San Diego |
22 |
25 |
|
30 |
|
$850,000 |
$3,920 |
$156,800 |
Ventura |
23 |
27 |
|
31 |
|
$840,000 |
$3,870 |
$154,800 |
Central Coast |
|
|
|
|
|
|
|
|
Monterey |
18 |
17 |
|
25 |
|
$860,000 |
$3,960 |
$158,400 |
San Luis Obispo |
21 |
25 |
|
31 |
|
$795,000 |
$3,660 |
$146,400 |
Santa Barbara |
13 |
14 |
|
31 |
|
$1,112,500 |
$5,130 |
$205,200 |
Santa Cruz |
15 |
18 |
|
23 |
|
$1,250,000 |
$5,760 |
$230,400 |
Central Valley |
|
|
|
|
|
|
|
|
Fresno |
43 |
46 |
|
51 |
|
$365,000 |
$1,680 |
$67,200 |
Glenn |
45 |
44 |
|
46 |
|
$317,500 |
$1,460 |
$58,400 |
Kern |
45 |
47 |
|
50 |
|
$320,000 |
$1,470 |
$58,800 |
Kings |
56 |
58 |
|
60 |
|
$305,000 |
$1,410 |
$56,400 |
Madera |
44 |
46 |
|
51 |
|
$365,000 |
$1,680 |
$67,200 |
Merced |
44 |
46 |
|
48 |
|
$345,000 |
$1,590 |
$63,600 |
Placer |
35 |
39 |
|
45 |
|
$655,000 |
$3,020 |
$120,800 |
Sacramento |
38 |
41 |
|
46 |
|
$505,000 |
$2,330 |
$93,200 |
San Benito |
25 |
31 |
|
39 |
|
$777,000 |
$3,580 |
$143,200 |
San Joaquin |
37 |
42 |
|
45 |
|
$500,000 |
$2,300 |
$92,000 |
Stanislaus |
40 |
44 |
|
49 |
|
$430,000 |
$1,980 |
$79,200 |
Tulare |
45 |
47 |
|
52 |
|
$320,000 |
$1,470 |
$58,800 |
Far North |
|
|
|
|
|
|
|
|
Butte |
33 |
37 |
|
38 |
|
$442,780 |
$2,040 |
$81,600 |
Lassen |
62 |
62 |
|
68 |
|
$249,900 |
$1,150 |
$46,000 |
Plumas |
39 |
47 |
|
52 |
|
$402,500 |
$1,860 |
$74,400 |
Shasta |
45 |
48 |
|
52 |
|
$360,000 |
$1,660 |
$66,400 |
Siskiyou |
44 |
49 |
|
54 |
|
$298,500 |
$1,380 |
$55,200 |
Tehama |
38 |
46 |
|
54 |
|
$348,000 |
$1,600 |
$64,000 |
Other Counties in California |
|
|
|
|
|
|
|
|
Amador |
40 |
44 |
|
53 |
|
$435,000 |
$2,000 |
$80,000 |
Calaveras |
37 |
41 |
|
49 |
|
$481,590 |
$2,220 |
$88,800 |
Del Norte |
35 |
36 |
|
43 |
|
$364,250 |
$1,680 |
$67,200 |
El Dorado |
31 |
36 |
|
44 |
|
$682,000 |
$3,140 |
$125,600 |
Humboldt |
32 |
39 |
|
43 |
|
$415,000 |
$1,910 |
$76,400 |
Lake |
43 |
46 |
|
47 |
|
$339,000 |
$1,560 |
$62,400 |
Mariposa |
36 |
37 |
|
43 |
|
$400,000 |
$1,840 |
$73,600 |
Mendocino |
23 |
27 |
|
38 |
|
$560,000 |
$2,580 |
$103,200 |
Mono |
9 |
3 |
|
17 |
|
$960,000 |
$4,420 |
$176,800 |
Nevada |
34 |
37 |
|
45 |
|
$560,750 |
$2,580 |
$103,200 |
Sutter |
40 |
45 |
|
50 |
|
$409,000 |
$1,890 |
$75,600 |
Tuolumne |
44 |
49 |
|
54 |
|
$383,500 |
$1,770 |
$70,800 |
Yolo |
32 |
38 |
|
43 |
|
$600,000 |
$2,770 |
$110,800 |
Yuba |
39 |
45 |
|
52 |
|
$405,000 |
$1,870 |
$74,800 |