Leave a Message

By providing Jackie Schoelerman your contact information, you acknowledge and agree to our Privacy Policy and consent to receiving marketing communications, including through automated calls, texts, and emails, some of which may use artificial or prerecorded voices. This consent isn’t necessary for purchasing any products or services and you may opt out at any time. To opt out from texts, you can reply, ‘stop’ at any time. To opt out from emails, you can click on the unsubscribe link in the emails. Message and data rates may apply.

Thank you for your message. We will be in touch with you shortly.

Affordable Homeownership In California Remains At Historic Low

WRE News February 12, 2024

Buyer

Affordable Homeownership In California Remains At Historic Low

Only 15% of California households during the fourth quarter of 2023 were able to afford the state’s $833,170 median-priced home, according to new data from the California Association of Realtors (CAR). This was unchanged from the third quarter 2023 (when the affordability rate hit a 16-year low) and down from 17% in the fourth quarter of 2022.

CAR noted that a minimum annual income of $222,800 was needed to make monthly payments of $5,570, including principal, interest and taxes on a 30-year fixed-rate mortgage at a 7.39% rate.

The organization also highlighted that 22% of home buyers were able to purchase the $650,000 median-priced condo or townhome. A minimum annual income of $174,000 was required to make a monthly payment of $4,350 for these types of properties.

CAR added that when compared with California, more than one-third of the nation’s households could afford to purchase a $391,700 median-priced home, which required a minimum annual income of $104,800 to make monthly payments of $2,620.

Recent Blog Posts

Stay up to date on the latest real estate trends.

Mid-Year Market Insights 2025

September 18, 2025

This Surprising New Porch Service Will Instantly Boost Your Fall Curb Appeal

September 17, 2025

If fall gives you the urge to deck your halls with piles of pumpkins, but your to-do list leaves little time for decorating (let alone creating extravagant autumnal di… Read more

Patience Won’t Sell Your House. Pricing Will.

September 16, 2025

Let’s be real.

What a Fed Rate Cut Could Mean for Mortgage Rates

September 16, 2025

The Federal Reserve (the Fed) meets this week, and expectations are high that they’ll cut the Federal Funds Rate.

Report: National Median Home Price at $389,000, Up 2.4%

September 13, 2025

The national median home price inched up by 2.4% year-over-year in August to $389,000, according to a data report from the Costar Group (NASDAQ: CSGP) brand Homes.com.

Mortgage Rates Just Saw Their Biggest Drop in a Year

September 12, 2025

You’ve been waiting for what feels like forever for mortgage rates to finally budge.

View All

We are Your GPS to Success Let’s Get Started

We Guide Homeowners through the complicated process of selling their home using our 4 Phase Selling Process and 3 Prong Marketing Strategy that alleviates their stress and moves them effortlessly to their next destination. Schedule a 15 Minute Complimentary Strategy Session Today

Schedule Appointment