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Higher home prices and lower household income caused by the economic recession dampened California<\/span> housing affordability in the second quarter of 2020, the CALIFORNIA<\/span> ASSOCIATION OF REALTORS®<\/sup> (C.A.R.) said today.<\/p>\n The percentage of home buyers who could afford to purchase a median-priced, existing single-family home in California<\/span> in second-quarter 2020 dipped to 33 percent from 35 percent in the first quarter of 2020 but was up from 30 percent in the second quarter a year ago, according to C.A.R.’s Traditional Housing Affordability Index (HAI). California’s<\/span> housing affordability index hit a peak of 56 percent in the second quarter of 2012.<\/p>\n C.A.R.’s HAI measures the percentage of all households that can afford to purchase a median-priced, single-family home in California<\/span>. 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.<\/p>\n A minimum annual income of $115,200<\/span> was needed to qualify for the purchase of a $610,850<\/span> statewide median-priced, existing single-family home in the second quarter of 2020. The monthly payment, including taxes and insurance on a 30-year, fixed-rate loan, would be $2,880<\/span>, assuming a 20 percent down payment and an effective composite interest rate of 3.43 percent. The effective composite interest rate was 3.70 percent in first-quarter 2020 and 4.17 percent in second-quarter 2019. <\/p>\n Housing affordability for condominiums and townhomes was unchanged from first-quarter 2020, with 44 percent of California<\/span> households earning the minimum income to qualify for the purchase of a $480,000<\/span> median-priced condominium\/townhome. An annual income of $90,400<\/span> was required to make monthly payments of $2,260<\/span>. Forty percent of households could afford to buy a median-priced condominium\/townhome a year ago.<\/p>\n Compared with California<\/span>, more than half of the nation’s households (57 percent) could afford to purchase a $291,300<\/span> median-priced home, which required a minimum annual income of $54,800<\/span> to make monthly payments of $1,370<\/span>.<\/p>\n Key points from the second-quarter 2020 Housing Affordability report include:<\/p>\n Tags:<\/b> www.car.org<\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"\n
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Higher home prices and lower household income caused by the economic recession dampened California housing affordability in the second quarter of 2020, 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 2020 dipped to 33 percent from 35 percent in the first quarter of … Continue reading Higher home prices and economic recession dampen California housing affordability in second-quarter 2020, C.A.R. reports<\/span><\/a> Continue Reading