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.