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california housing affordability by county source car

Twenty-eight regions see improvement from previous quarter, with six of nine Bay Area counties posting higher
  • Thirty-one percent of California households could afford to purchase the $538,640 median-priced home in the first quarter of 2018, up from 29 percent in fourth-quarter 2017 but down from 32 percent a year ago.
  • A minimum annual income of $111,500 was needed to make monthly payments of $2,790, including principal, interest, and taxes on a 30-year fixed-rate mortgage at a 4.44 percent interest rate.
  • Thirty-nine percent of home buyers were able to purchase the $449,720 median-priced condo or townhome. An annual income of $93,090 was required to make a monthly payment of $2,330.


May 16, 2018 - LOS ANGELES - Higher wages and lower seasonal home prices combined to push California’s housing affordability higher in the first quarter of 2018, compared to the previous quarter, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) said Tuesday.

The percentage of home buyers who could afford to purchase a median-priced, existing single-family home in California in first-quarter 2018 edged up to 31 percent from 29 percent in the fourth quarter of 2017 but was down from 32 percent in the first quarter a year ago, according to C.A.R.’s Traditional Housing Affordability Index (HAI). This is the 20th consecutive quarter that the index has been below 40 percent. California’s housing affordability index hit a peak of 56 percent in the first 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 homebuyers in the state.

A minimum annual income of $111,500 was needed to qualify for the purchase of a $538,640 statewide median-priced, existing single-family home in the first quarter of 2018. The monthly payment, including taxes and insurance on a 30-year, fixed-rate loan, would be $2,790, assuming a 20 percent down payment and an effective composite interest rate of 4.44 percent. The effective composite interest rate in fourth-quarter 2017 was 4.17 percent and 4.36 percent in the first quarter of 2017.

Condominiums and townhomes also were more affordable in first-quarter 2018 compared to the previous quarter with 39 percent of California households earning the minimum income to qualify for the purchase of a $449,720 median-priced condominium/townhome, up from 38 percent in the fourth quarter. An annual income of $93,090 was required to make monthly payments of $2,330.

Key points from the first-quarter 2018 Housing Affordability report include:

  • Housing affordability improved from fourth-quarter 2017 in 28 tracked counties and declined in 14 counties. Affordability in six counties was unchanged.
  • Strong wage growth in the San Francisco Bay Area pushed affordability higher from the previous quarter in six of nine Bay Area counties (Alameda, Contra Costa, Napa, San Francisco, San Mateo, and Santa Clara). Affordability decreased in two Bay Area counties (Solano and Sonoma) and held steady in Marin.
  • In Southern California, affordability improved in Los Angeles, Riverside, San Bernardino, and Ventura counties, while affordability in Orange and San Diego counties remained flat during first-quarter 2018.
  • In the Central Valley, six counties posted an increase in affordability from the previous quarter (Fresno, Kern, Madera, Sacramento, San Benito, and Stanislaus). Affordability in Merced, San Joaquin, and Tulare declined but held steady in Kings and Placer counties.
  • Affordability in the Central Coast improved moderately, driven by flat or declining home prices. Monterey, San Luis Obispo, and Santa Barbara experienced higher affordability, while Santa Cruz posted a decline as a result of subdued wage growth and price declines.
  • During the first quarter of 2018, the most affordable counties in California were Lassen (68 percent), Kern (56 percent), and Kings and San Bernardino (both at 52 percent).
  • Mono (8 percent), San Francisco, San Mateo, and Santa Cruz (all at 15 percent), counties were the least affordable areas in the state.

Housing Affordability slides (click link to open)


Affordability peak versus current 
Annual required income peak vs. current
Monthly PITI peak versus current
Affordability by region peak versus current
Housing affordability by county 

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 than190,000 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
First Quarter 2018

C.A.R. Region

Housing 
Affordability Index

Median Home 
Price

Monthly Payment Including Taxes & Insurance

Minimum 
Qualifying Income

Calif. Single-family home

31

$ 538,640

$ 2,790

$ 111,500

Calif. Condo/Townhome

39

$ 449,720

$ 2,330

$ 93,090

Los Angeles Metropolitan Area

32

$ 500,000

$ 2,590

$ 103,500

Inland Empire

43

$ 350,000

$ 1,810

$ 72,450

San Francisco Bay Area

23

$ 900,000

$ 4,660

$ 186,300

United States

57

$ 245,500

$ 1,270

$ 50,820

         

San Francisco Bay Area

       

Alameda

22

$ 875,000

$ 4,530

$ 181,130

Contra-Costa (Central County)

36

$ 615,000

$ 3,180

$ 127,310

Marin

18

$ 1,360,000

$ 7,040

$ 281,520

Napa

28

$ 679,000

$ 3,510

$ 140,550

San Francisco

15

$ 1,610,000

$ 8,330

$ 333,270

San Mateo

15

$ 1,575,050

$ 8,150

$ 326,040

Santa Clara

17

$ 1,373,000

$ 7,110

$ 284,210

Solano

42

$ 430,000

$ 2,230

$ 89,010

Sonoma

21

$ 681,000

$ 3,520

$ 140,970

Southern California

       

Los Angeles

28

$ 545,540

$ 2,820

$ 112,930

Orange County

21

$ 810,000

$ 4,190

$ 167,670

Riverside County

39

$ 397,000

$ 2,050

$ 82,180

San Bernardino

52

$ 278,500

$ 1,440

$ 57,650

San Diego

26

$ 610,000

$ 3,160

$ 126,270

Ventura

31

$ 635,500

$ 3,290

$ 131,550

Central Coast

       

Monterey

23

$ 590,000

$ 3,050

$ 122,130

San Luis Obispo

25

$ 596,400

$ 3,090

$ 123,460

Santa Barbara

22

$ 675,000

$ 3,490

$ 139,730

Santa Cruz

15

$ 850,000

$ 4,400

$ 175,950

Central Valley

       

Fresno

49

$ 258,000

$ 1,340

$ 53,410

Kern (Bakersfield)

56

$ 231,500

$ 1,200

$ 47,920

Kings County

52

$ 232,000

$ 1,200

$ 48,020

Madera

50

$ 255,000

$ 1,320

$ 52,790

Merced

43

$ 262,500

$ 1,360

$ 54,340

Placer County

44

$ 465,000

$ 2,410

$ 96,260

Sacramento

44

$ 355,000

$ 1,840

$ 73,490

San Benito

32

$ 560,000

$ 2,900

$ 115,920

San Joaquin

40

$ 362,500

$ 1,880

$ 75,040

Stanislaus

48

$ 300,000

$ 1,550

$ 62,100

Tulare

50

$ 225,000

$ 1,160

$ 46,580

Other Calif. Counties

       

Amador

45

$ 330,750

$ 1,710

$ 68,470

Butte

41

$ 307,000

$ 1,590

$ 63,550

Calaveras

46

$ 315,000

$ 1,630

$ 65,210

El Dorado

42

$ 489,000

$ 2,530

$ 101,220

Humboldt

36

$ 300,050

$ 1,550

$ 62,110

Lake County

40

$ 266,450

$ 1,380

$ 55,160

Lassen

68

$ 171,000

$ 880

$ 35,400

Mariposa

44

$ 292,500

$ 1,510

$ 60,550

Mendocino

25

$ 412,500

$ 2,130

$ 85,390

Mono

8

$ 780,000

$ 4,040

$ 161,460

Nevada

37

$ 400,000

$ 2,070

$ 82,800

Plumas

NA

$ NA

$ NA

$ NA

Shasta

49

$ 249,900

$ 1,290

$ 51,730

Siskiyou

48

$ 210,000

$ 1,090

$ 43,470

Sutter

49

$ 282,700

$ 1,460

$ 58,520

Tehama

51

$ 219,000

$ 1,130

$ 45,330

Tuolumne

49

$ 280,000

$ 1,450

$ 57,960

Yolo

41

$ 400,000

$ 2,070

$ 82,800

Yuba

49

$ 269,950

$ 1,400

$ 55,880

NA = Not available


CALIFORNIA ASSOCIATION OF REALTORS®
Traditional Housing Affordability Index
First Quarter 2018

STATE/REGION/COUNTY

Q1 2018

Q4 2017

 

Q1 2017

 

Calif. Single-family home

31

29

 

32

 

Calif. Condo/Townhome

39

38

r

40

 

Los Angeles Metropolitan Area

32

31

 

33

 

Inland Empire

43

43

 

44

r

San Francisco Bay Area

23

21

 

25

 

United States

57

56

 

57

 
           

San Francisco Bay Area

         

Alameda

22

20

 

21

 

Contra-Costa (Central County)

36

34

 

37

 

Marin

18

18

 

18

 

Napa

28

25

 

24

 

San Francisco

15

12

 

13

 

San Mateo

15

14

 

15

 

Santa Clara

17

15

 

19

 

Solano

42

44

 

45

 

Sonoma

21

23

 

25

 

Southern California

         

Los Angeles

28

25

 

29

 

Orange County

21

21

 

21

 

Riverside County

39

38

 

39

 

San Bernardino

52

50

 

52

 

San Diego

26

26

 

28

 

Ventura

31

26

 

28

r

Central Coast

         

Monterey

23

21

 

23

 

San Luis Obispo

25

24

 

26

 

Santa Barbara

22

18

 

14

 

Santa Cruz

15

17

 

17

 

Central Valley

         

Fresno

49

46

 

48

 

Kern (Bakersfield)

56

54

 

55

 

Kings County

52

52

 

53

 

Madera

50

49

r

47

 

Merced

43

48

 

50

 

Placer County

44

44

 

45

 

Sacramento

44

43

 

46

 

San Benito

32

31

 

32

 

San Joaquin

40

41

 

45

 

Stanislaus

48

45

 

48

 

Tulare

50

52

 

52

 

Other Counties in California

         

Amador

45

44

 

47

 

Butte

41

39

 

41

 

Calaveras

46

50

 

NA

 

El Dorado

42

42

 

43

 

Humboldt

36

34

 

36

 

Lake County

40

36

 

43

 

Lassen

68

65

 

NA

 

Mariposa

44

48

 

46

r

Mendocino

25

28

 

26

 

Mono

8

19

 

NA

 

Nevada

37

39

 

NA

 

Plumas

NA

45

 

NA

 

Shasta

49

47

 

49

 

Siskiyou

48

51

 

48

 

Sutter

49

52

 

53

 

Tehama

51

56

 

55

 

Tuolumne

49

48

 

46

r

Yolo

41

34

 

37

 

Yuba

49

42

 

44

 

 

r = revised

NA = Not available
Source: C.A.R.

California Real Estate News



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