More Californians could afford to purchase a home in the first quarter of 2019. Lower mortgage rates and cooler seasonal home prices combined with higher income levels, which improved California housing affordability, the CALIFORNIA ASSOCIATION OF REALTORS reported.
The percentage of home buyers who could afford to purchase a median-priced, existing single-family home in California in 2019 rose. More importantly, the good news helped the numbers up 32% from 28%.
A minimum annual income of $114,860 was needed to qualify for the purchase of a $545,820 statewide median-priced, existing single-family home in the first quarter of 2019.
That monthly payment, including taxes and insurance on a 30-year, fixed-rate loan, would be $2,870, assuming a 20% down payment.