First Quarter 2019 Home Affordability

California housing affordability climbs in first quarter 2019, C.A.R. reports

Thirty-two percent of California households could afford to purchase the $545,820 median-priced home in the first quarter of 2019, up from 28 percent in fourth-quarter 2018 and up from 31 percent a year ago.

  • A minimum annual income of $114,860 was needed to make monthly payments of $2,870, including principal, interest and taxes on a 30-year fixed-rate mortgage at a 4.62 percent interest rate.
  • Forty-one percent of home buyers were able to purchase the $450,000 median-priced condo or townhome. An annual income of $94,690 was required to make a monthly payment of $2,370.

 

Three Local Counties

STATE/REGION/COUNTY 1st Qtr. 2019 4th Qtr. 2018   1st Qtr. 2018 Median Home Price Monthly Payment Including Taxes & Insurance Minimum Qualifying 
Placer  46  42    44    $480,670  $2,530  $101,150
Nevada 40 35   37   $402,500 $2,120 $84,700
El Dorado 40 42   42   $489,000 $2,570 $102,900

 

Source: CALIFORNIA ASSOCIATION OF REALTORS® (www.car.org) is one of the largest state trade organizations in the United States with more than 200,000 members dedicated to the advancement of professionalism in real estate. C.A.R. is headquartered in Los Angeles.

Posted on May 18, 2019 at 4:02 pm
Chuck Townsend | Category: General

Leave a Reply

Your email address will not be published. Required fields are marked *