Affordable Homeownership In California Remains At Historic Low
WRE News February 12, 2024
Buyer
WRE News February 12, 2024
Buyer
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.
Stay up to date on the latest real estate trends.
Seller
December 26, 2025
When your house doesn’t sell, it does more than disrupt your plans, it hits close to home.
Seller
December 23, 2025
Hearing talk about home prices falling? That may leave you worried about whether your house is losing value.
Seller
December 19, 2025
The housing market hasn’t felt this energized in a long time – and the numbers backing that up are hard to ignore.
Buyer
December 18, 2025
You may not want to put your homebuying plans into hibernation mode this winter.
December 18, 2025
Buyer
December 16, 2025
One of the biggest homebuying advantages you can give yourself today is surprisingly simple: a flexible wish list.
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