The California Association of Realtors released a report on August 8 that showed that housing affordability continues to drop in California. The CAR states that “Housing affordability falls to 10-year lows, extending into traditionally more affordable regions.” Other findings include:
- Twenty-six percent of California households could afford to purchase the $596,730 median-priced home in the second quarter of 2018, down from 31 percent in first-quarter 2018 and down from 29 percent a year ago.
- A minimum annual income of $126,490 was needed to make monthly payments of $3,160, including principal, interest, and taxes on a 30-year fixed-rate mortgage at a 4.70 percent interest rate.
- Thirty-six percent of home buyers were able to purchase the $477,790 median-priced condo or townhome. An annual income of $101,270 was required to make a monthly payment of $2,530.
Their report notes that the median home price in Humboldt County the second quarter of 2018 was $315,000. Thirty-three percent county residents could afford to purchase that house, which was a three percent drop from the first quarter.
Their full report can be found here: https://www.car.org/en/aboutus/meiacenter/newsreleases/2018releases/2qtrhousingaffordability