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 withÂ Any Real Estate Transaction - Buy or SellÂ
Call me 424-777-9377 -Â FREE CONSULTATION!Â
Should you have any questions - please feel free to call me Toll Free: 1-855-TRUST-55 (1-855-878-7855) Â ext. 777.
PresidentÂ - RealtorÂ®
- Trust Sale Realty -
Residential & Commercial Real Estate
Toll Free: 1-855-TRUST-55
Toll Free: 1-855-878-7855