One Cool Thing – Improved Affordability
The Lawhead Team would like to share the C.A.R.’s latest One Cool Thing about the improving home affordability in 2016.
Homes were slightly more affordable in Q3 2016 compared with Q3 2015
- 31% of California households could afford to purchase a median-priced single-family home in Q3 2016 quarter
-VS-
- 29% in Q3 2015
- 40% of home buyers were able to purchase a median-priced ($418,230) condo or townhome
$515,940: Median price for a single family home in California
$100,290: Minimum annual income needed to make monthly payments of $2,510, including principal, interest, and taxes on a 30-year-fixed-rate mortgage at a 3.76% interest rate.
Most Affordable Counties in California
- Kings (57%)
- Kern (56%)
- San Bernardino (55%)
Least Affordable Counties in California
- San Francisco (14%)
- San Mateo (15%)
- Marin (19%)
Source: Real Estate Today Radio, NAHB
