Banner
Friday, April 18, 2014

CALIFORNIA ASSOCIATION OF REALTORS Reports Higher Home Prices Put a Dent in California’s Housing Affordability During the First Quarter of 2013

Higher home prices lower California housing affordability, C.A.R. reports

LOS ANGELES (May 10, 2013) – Higher home prices put a dent in California’s housing affordability during the first quarter of 2013, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) reported.

The percentage of home buyers who could afford to purchase a median-priced, existing single-family home in California dropped to 44 percent in the first quarter of 2013, down from 56 percent in first-quarter 2012 and from 48 percent in fourth-quarter 2012, according to C.A.R.’s Traditional Housing Affordability Index (HAI). 

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.

Home buyers needed to earn a minimum annual income of $66,800 to qualify for the purchase of a $350,490 statewide median-priced, existing single-family home in the first quarter of 2013.  The monthly payment, including taxes and insurance on a 30-year fixed-rate loan, would be $1,670, assuming a 20 percent down payment and an effective composite interest rate of 3.55 percent.  The effective composite interest rate in first-quarter 2012 was 4.16 percent and 3.49 percent in the fourth quarter of 2012.

The median home price was $279,190 in first-quarter 2012, and an annual income of $56,320 was needed to purchase a home at that price.

All regions of the state experienced significant year-over-year declines in housing affordability, with Bay Area and Southern California counties recording the largest decreases in the index due to higher home prices.
At an index of 77 percent, Madera County was the most affordable county of the state, while San Francisco and San Mateo counties tied for the least affordable at 23 percent.

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 100 years, the CALIFORNIA ASSOCIATION OF REALTORS® (www.car.org) is one of the largest state trade organizations in the United States with 155,000 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

STATE/REGION/COUNTY Q1 2013 Q4 2012 Q1 2012
CA Single-family home 44 48 56
CA Condo/Townhomes 53 59 65 r
Los Angeles Metropolitan Area 46 50 56
Inland Empire 61 67 71
San Francisco Bay Area 32 34 45
U.S. 65 69 71
San Francisco Bay Area
Alameda 32 36 45
Contra-Costa (Central County) 28 31 36
Marin 24 28 32
Napa 39 48 50
San Francisco 23 22 29
San Mateo 23 24 33
Santa Clara 30 32 42
Solano 67 73 77
Sonoma 36 46 51
Southern California
Los Angeles 42 44 51
Orange County 28 34 39
Riverside County 54 62 66
San Bernardino 72 76 78
San Diego 38 43 46
Ventura 42 48 50
Central Coast
Monterey 44 50 54
San Luis Obispo 34 40 41
Santa Barbara 26 27 42 r
Santa Cruz 29 34 35
Central Valley
Fresno 64 70 72
Kings County 70 76 75 r
Madera 77 74 77
Merced 68 74 77
Placer County 57 64 67
Sacramento 62 71 74
Tulare 70 71 75

r = revised

CALIFORNIA ASSOCIATION OF REALTORS®
Traditional Housing Affordability Index


C.A.R. Region Housing 
Affordability Index
Median Home 
Price
Monthly Payment Including Taxes & Insurance Minimum 
Qualifying Income
CA Single-family home 44 $       350,490 $           1,670 $         66,800
CA Condo/Townhomes 53 $       283,300 $           1,350 $         53,990
Los Angeles Metropolitan Area 46 $       333,380 $           1,590 $         63,540
Inland Empire 61 $       216,720 $           1,030 $         41,300
San Francisco Bay Area 32 $       593,890 $           2,830 $       113,190
U.S. 65 $       176,600 $             840 $         33,660
San Francisco Bay Area
Alameda 32 $       541,980 $           2,580 $       103,300
Contra-Costa (Central County) 28 $       648,060 $           3,090 $       123,510
Marin 24 $       858,550 $           4,090 $       163,630
Napa 39 $       432,000 $           2,060 $         82,330
San Francisco 23 $       744,820 $           3,550 $       141,950
San Mateo 23 $       814,000 $           3,880 $       155,140
Santa Clara 30 $       705,000 $           3,360 $       134,370
Solano 67 $       242,600 $           1,160 $         46,240
Sonoma 36 $       385,490 $           1,840 $         73,470
Southern California
Los Angeles 42 $       345,540 $           1,650 $         65,860
Orange County 28 $       600,150 $           2,860 $       114,380
Riverside County 54 $       251,960 $           1,200 $         48,020
San Bernardino 72 $       157,420 $             750 $         30,000
San Diego 38 $       412,320 $           1,960 $         78,580
Ventura 42 $       461,940 $           2,200 $         88,040
Central Coast
Monterey 44 $       336,500 $           1,600 $         64,130
San Luis Obispo 34 $       409,600 $           1,950 $         78,070
Santa Barbara 26 $       543,690 $           2,590 $       103,620
Santa Cruz 29 $       515,000 $           2,450 $         98,150
Central Valley
Fresno 64 $       157,470 $             750 $         30,010
Kings County 70 $       151,820 $             720 $         28,940
Madera 77 $       127,140 $             610 $         24,230
Merced 68 $       134,280 $             640 $         25,590
Placer County 57 $       309,970 $           1,480 $         59,080
Sacramento 62 $       209,260 $           1,000 $         39,880
Tulare 70 $       136,340 $             650 $         25,980
Share/Save/Bookmark
Please wait while JT SlideShow is loading images...
'Click' For More Info: Visit the 'Cafe at the Bug' for Breakfast, Lunch & Dinner. They offer Fresh, Local, & Organic options....worth making a trip for!‘Click’ Here to Visit ‘The Mattress Store’ Sales Page for More Information'Click' For More Info: Visit Happy Burger Diner..."We have the LARGEST Menu in the Sierra" in Mariposa, California
  • 'Click here to visit: 'Gold Country Brew Supply'... "This way to homebrew heaven!"
  • 'Click' for more info! Host a party to earn FREE Scentsy or place an order through the site to support a local businesswoman. Thank you!
  • 'Click' For More Info: Visit the Yosemite Bug Rustic Mountain Resort's Health Spa! Offering Massage, Therapeutic Bath, Cedar 'Hot-Rock' Sauna, with Deluxe Changing Rooms and so much more. Call to reserve Your appointment Today!
  • 'Click' For More Info: 'Perfect Skin'...See Us For ALL Your Skin Care Needs, Located In Mariposa, Ca.
  • 'Click' For More Info: 'Gold Rush Trading Post' Located In Mariposa, California "For ALL Your Prospecting Supplies & Metal Detector Needs".
  • 'Click' For More Info: 'Gold Rush Trading Post' Located In Mariposa, California "We Buy Scrap Gold and Pay Top $$$ Between Sonora & Fresno".
  • 'Click' For More Info: 'Chocolate Soup', Fine Home Accessories and Gifts Located In Mariposa, Ca.
  • Click Here For All Creatures Veterinary Hospital in Mariposa, Ca.
  • 'Click' To Visit Our Facebook Page: Get Your Glass Repaired or Replaced at 'Mariposa Auto Trim', in Mariposa, California
  • 'Click' For More Info: California State Mining and Mineral Museum, in Mariposa, California
  • 'Click' For More Info: Mariposa Museum and History Center in Mariposa, California
  • 'Click' For More Info: Foster True Value...For All your Home and Hardware Needs In Mariposa, California
  • 'Click' For More Info: Sugar Pine Cafe in Mariposa, California
  • 'Click' For More Info: Inter-County Title Company In Mariposa, California
  • 'Click' For More Info: Butterfly Creek Winery In Mariposa, California
  • 'Click' For More Info: Happy Burger Diner..."We have Wi-Fi & the Largest Menu in the Sierra" in Mariposa, California
English Chinese (Simplified) Chinese (Traditional) French German Italian Portuguese Russian Spanish