The lower cost of borrowing and higher income levels allowed more Californians to afford to purchase a home during the third quarter of 2019. That’s according to data from the California Association of Realtors.

Surprisingly, the percentage of home buyers who could afford to purchase a median-priced, existing single-family home in California in third-quarter 2019 edged up to 1% to 31%.

So, here are the numbers…

A minimum annual income of $120,400 was needed to qualify for the purchase of a $613,470 statewide median-priced, existing single-family home in California.

The monthly payment, including taxes and insurance on a 30-year, fixed-rate loan, would be $3,010. That’s assuming a 20% down payment and an interest rate of 3.85%.

Download the Affordability Report Here:

  • Notably, the most affordable counties in California were Lassen, Kings, and Madera. The minimum annual income needed to qualify for a home in these counties was less than $56,000.
  • By contrast, Mono, San Francisco, and San Mateo counties were the least affordable areas in the state.

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