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California's Housing Affordability Drops To 16-Year Low

WRE News November 15, 2023

Buyer

California's Housing Affordability Drops To 16-Year Low

Housing affordability in California slumped to its lowest level since 2007, according to data from the California Association of Realtors (CAR).

Fewer than one in five home buyers (15%) were able to afford a median-priced, existing single-family home in California during in third quarter, down from 16% in the previous quarter and down from 18% one year earlier, as per CAR’s Traditional Housing Affordability Index.

A minimum annual income of $221,200 was needed to qualify for the purchase of a $843,600 statewide median-priced, existing single-family home, and the monthly payment (including taxes and insurance) on a 30-year fixed-rate loan, would be $5,530, assuming a 20% down payment and an effective composite interest rate of 7.14%.

CAR also noted in comparison with the national housing market, more than one-third of U.S. households could afford to purchase a $406,900 median-priced home, which required a minimum annual income of $106,800 to make monthly payments of $2,670. Nationwide affordability was down from 39%.

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