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For release:
August 11, 2022
California housing affordability slides to lowest level in nearly 15 years in second-quarter 2022 as home prices set record highs and interest rates surge, C.A.R. reports
LOS ANGELES (Aug. 11) – Housing affordability in California fell below 20 percent and slid to the lowest level in nearly 15 years as home prices soared to record highs in April and May and interest rates jumped to levels not seen in more than 13 years, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) said today.
The percentage of home buyers who could afford to purchase a median-priced, existing single-family home in California in second-quarter 2022 slid to 16 percent from 24 percent in the first quarter of 2022 and was down from 23 percent in the second quarter of 2021, according to C.A.R.’s Traditional Housing Affordability Index (HAI). California hit a peak high affordability index 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 home buyers in the state.
A minimum annual income of $199,200 was needed to qualify for the purchase of a $883,370 statewide median-priced, existing single-family home in the second quarter of 2022. The monthly payment, including taxes and insurance on a 30-year, fixed-rate loan, would be $4,980, assuming a 20 percent down payment and an effective composite interest rate of 5.39 percent. The effective composite interest rate was 3.97 percent in first-quarter 2022 and 3.20 percent in second-quarter 2021. The average 30-year fixed-rate mortgage hit the highest level in more than 13 years in June as the Federal Reserve continued to raise rates aggressively in the second quarter.
With the median price of condominiums and townhomes reaching another record high in second-quarter 2022, affordability for condos and townhomes fell from the previous quarter. Twenty-five percent of California households earned the minimum income to qualify for the purchase of a $677,000 median-priced condo/townhome in the second quarter of 2022, which required an annual income of $152,800 to make monthly payments of $3,820. The second quarter 2022 figure was down from 37 percent a year ago.
Nationwide housing affordability also plunged in second-quarter 2022. Compared with California, nearly four in ten (38 percent) of the nation’s households could afford to purchase a $413,500 median-priced home, which required a minimum annual income of $93,200 to make monthly payments of $2,330. Nationwide affordability was a revised 49 percent a year ago.
Key points from the second-quarter 2022 Housing Affordability report include:
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 than 217,000 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
Second quarter 2022
Second quarter 2022 |
C.A.R. Traditional Housing Affordability Index |
|||||||
STATE/REGION/COUNTY |
Qtr. 2 2022 |
Qtr. 1 2022 |
|
Qtr. 2 2021 |
|
Median Home Price |
Monthly Payment Including Taxes & Insurance |
Minimum Qualifying Income |
Calif. Single-family home |
16 |
24 |
|
23 |
|
$883,370 |
$4,980 |
$199,200 |
Calif. Condo/Townhome |
25 |
32 |
|
37 |
|
$677,000 |
$3,820 |
$152,800 |
Los Angeles Metro Area |
17 |
24 |
|
24 |
|
$800,000 |
$4,510 |
$180,400 |
Inland Empire |
24 |
31 |
|
36 |
|
$585,000 |
$3,300 |
$132,000 |
San Francisco Bay Area |
18 |
20 |
|
19 |
|
$1,495,000 |
$8,430 |
$337,200 |
United States |
38 |
47 |
|
49 |
r |
$413,500 |
$2,330 |
$93,200 |
|
|
|
|
|
|
|
|
|
San Francisco Bay Area |
|
|
|
|
|
|
|
|
Alameda |
15 |
17 |
|
18 |
|
$1,500,000 |
$8,460 |
$338,400 |
Contra Costa |
22 |
30 |
|
26 |
|
$1,001,080 |
$5,640 |
$225,600 |
Marin |
17 |
21 |
|
21 |
|
$1,928,000 |
$10,870 |
$434,800 |
Napa |
15 |
20 |
|
23 |
|
$1,005,000 |
$5,670 |
$226,800 |
San Francisco |
17 |
20 |
|
19 |
|
$2,000,000 |
$11,270 |
$450,800 |
San Mateo |
15 |
18 |
|
17 |
|
$2,270,000 |
$12,800 |
$512,000 |
Santa Clara |
18 |
20 |
|
21 |
|
$1,900,000 |
$10,710 |
$428,400 |
Solano |
28 |
37 |
|
40 |
|
$625,000 |
$3,520 |
$140,800 |
Sonoma |
17 |
23 |
|
25 |
|
$865,500 |
$4,880 |
$195,200 |
Southern California |
|
|
|
|
|
|
|
|
Los Angeles |
16 |
20 |
|
22 |
|
$825,650 |
$4,650 |
$186,000 |
Orange |
12 |
13 |
|
17 |
|
$1,300,000 |
$7,330 |
$293,200 |
Riverside |
21 |
28 |
|
33 |
|
$640,000 |
$3,610 |
$144,400 |
San Bernardino |
30 |
39 |
|
43 |
|
$493,000 |
$2,780 |
$111,200 |
San Diego |
14 |
19 |
|
22 |
|
$965,870 |
$5,450 |
$218,000 |
Ventura |
15 |
21 |
|
23 |
|
$939,000 |
$5,290 |
$211,600 |
Central Coast |
|
|
|
|
|
|
|
|
Monterey |
13 |
16 |
|
18 |
|
$875,000 |
$4,930 |
$197,200 |
San Luis Obispo |
12 |
18 |
|
21 |
|
$900,000 |
$5,070 |
$202,800 |
Santa Barbara |
10 |
12 |
|
13 |
|
$1,162,500 |
$6,550 |
$262,000 |
Santa Cruz |
13 |
13 |
|
15 |
|
$1,350,000 |
$7,610 |
$304,400 |
Central Valley |
|
|
|
|
|
|
|
|
Fresno |
31 |
37 |
|
43 |
|
$424,500 |
$2,390 |
$95,600 |
Glenn |
36 |
36 |
|
45 |
|
$325,500 |
$1,830 |
$73,200 |
Kern |
32 |
38 |
|
45 |
|
$385,000 |
$2,170 |
$86,800 |
Kings |
39 |
51 |
|
56 |
|
$357,700 |
$2,020 |
$80,800 |
Madera |
32 |
38 |
|
44 |
|
$420,140 |
$2,370 |
$94,800 |
Merced |
34 |
40 |
|
44 |
|
$400,000 |
$2,250 |
$90,000 |
Placer |
27 |
34 |
|
35 |
|
$725,000 |
$4,090 |
$163,600 |
Sacramento |
27 |
34 |
|
38 |
|
$570,000 |
$3,210 |
$128,400 |
San Benito |
17 |
24 |
|
25 |
|
$859,000 |
$4,840 |
$193,600 |
San Joaquin |
26 |
34 |
|
37 |
|
$560,000 |
$3,160 |
$126,400 |
Stanislaus |
28 |
36 |
|
40 |
|
$480,000 |
$2,710 |
$108,400 |
Tulare |
34 |
41 |
|
45 |
|
$371,000 |
$2,090 |
$83,600 |
Far North |
|
|
|
|
|
|
|
|
Butte |
28 |
33 |
|
33 |
|
$465,000 |
$2,620 |
$104,800 |
Lassen |
54 |
61 |
|
62 |
|
$260,000 |
$1,470 |
$58,800 |
Plumas |
32 |
36 |
|
39 |
|
$424,000 |
$2,390 |
$95,600 |
Shasta |
36 |
42 |
|
45 |
|
$395,000 |
$2,230 |
$89,200 |
Siskiyou |
30 |
42 |
|
44 |
|
$366,000 |
$2,060 |
$82,400 |
Tehama |
33 |
35 |
|
38 |
|
$347,500 |
$1,960 |
$78,400 |
Other Calif. Counties |
|
|
|
|
|
|
|
|
Amador |
32 |
40 |
|
40 |
|
$440,000 |
$2,480 |
$99,200 |
Calaveras |
29 |
35 |
|
37 |
|
$500,000 |
$2,820 |
$112,800 |
Del Norte |
31 |
32 |
|
35 |
|
$350,000 |
$1,970 |
$78,800 |
El Dorado |
24 |
29 |
|
31 |
|
$720,000 |
$4,060 |
$162,400 |
Humboldt |
24 |
30 |
|
32 |
|
$451,500 |
$2,550 |
$102,000 |
Lake |
33 |
38 |
|
43 |
|
$349,000 |
$1,970 |
$78,800 |
Mariposa |
22 |
29 |
|
36 |
|
$460,000 |
$2,590 |
$103,600 |
Mendocino |
15 |
24 |
|
23 |
|
$580,000 |
$3,270 |
$130,800 |
Mono |
6 |
7 |
|
9 |
|
$956,500 |
$5,390 |
$215,600 |
Nevada |
25 |
33 |
|
34 |
|
$590,000 |
$3,330 |
$133,200 |
Sutter |
31 |
39 |
|
40 |
|
$450,000 |
$2,540 |
$101,600 |
Tuolumne |
33 |
38 |
|
44 |
|
$435,000 |
$2,450 |
$98,000 |
Yolo |
23 |
28 |
|
32 |
|
$655,000 |
$3,690 |
$147,600 |
Yuba |
27 |
33 |
|
39 |
|
$445,000 |
$2,510 |
$100,400 |
r = revised
Traditional Housing Affordability Indices (HAI) were calculated based on the following effective composite interest rates: 5.39% (2Qtr. 2022), 3.97% (1Qtr. 2022) and 3.20% (2Qtr. 2021).