Housing Affordability Index – Percentage of households who can afford to buy a median-priced home. California housing affordability dipped down to 28 percent in the third quarter of 2017.
California Housing Affordability Index 2017 Q1. Percentage of households who can afford to buy a median-priced home. Affordability inched up to 32 percent in Q1 2017.
Homes were slightly more affordable in Q3 2016 compared with Q3 2015. 31% of California households could afford to purchase a median-priced single-family home in Q3 2016 vs 29% in Q3 2015.
Aspirations of homeownership remain strong, but an increasing percentage of consumers with student loan debt worry about their homeownership future.
Existing Home Sales down 2.2% YTY to 420,360. Median Price up 5.8% YTY to $526,580. Unsold Inventory down 6.4% YTY to 3.4 Months. Median Time on Market down 2.6% YTY to 28.9 Days. Price per SQ Ft. up 4.8% YTY
Strong seasonal price increases made it harder for Californians to purchase a home in the second quarter of 2016.
Minimum annual income required to purchase hits six digits for first time since Great Recession, allowing only 31% of households able to afford a California home. Percentage of households who can afford to buy a median-priced home.
By knowing how much mortgage you can handle, you can ensure that homeownership will fit in your budget. Homeownership should make you feel safe and secure, and that includes financially. Be sure you can afford your home by calculating how
California Housing Affordability Index Q1 2016 Download as a PDF