Home > Blogs > California > Los Angeles County > Calabasas > Housing affordability in California drops as prices increase

Sergey Fednov's Blog

By SERGEY FEDNOV *** 424-777-9377 | Agent in Beverly Hills, CA

Housing affordability in California drops as prices increase

California homes are getting less affordable as property values rise, a real estate group says, offsetting the benefit to home shoppers from low mortgage interest rates.

The California Assn. of Realtors estimated that 49% of homebuyers in the third quarter could afford a median-priced house in California, a decline from 51% last quarter.

Quiz: How much do you know about California's economy?

The group estimated that those buying a house needed to earn a minimum annual income of $65,810 to qualify for the purchase of a median-priced house in the state, which the group estimated at $339,860 at the end of the third quarter.

A monthly payment for this home on a fixed-rate 30-year mortgage with a 20% down payment would be $1,650 including taxes and insurance. The group assumed a 3.72% interest rate.

Most counties in Southern California experienced lower affordability. Affordability in Los Angeles fell to 42% of buyers from 49% of buyers in the previous quarter.


Help with Any Real Estate Transaction - Buy or Sell 

Call me 424-777-9377 -  FREE CONSULTATION! 

Should you have any questions - please feel free to call me Toll Free: 1-855-TRUST-55 (1-855-878-7855)  ext. 777.

Sergey Fednov - Trust Sale

Sergey Fednov

President - Realtor®
- Trust Sale Realty -

Residential & Commercial Real Estate
Toll Free: 1-855-TRUST-55
Toll Free: 1-855-878-7855
Phone: 424-777-9377
Fax: 310-356-4925
Lic# 01896869

Copyright © 2014 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer