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.
- 31% of California households could afford to purchase a median-priced single-family home in Q3 2016 quarter
- 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.
- 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