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| California's Housing Affordability Index Falls to 28 Percent in March, C.A.R. Reports |
LOS ANGELES, May 8 /PRNewswire/ -- The percentage of households in
California able to afford a median-priced home was at 28 percent in March,
down one point compared to the same period a year ago, according to a report
released today by the California Association of REALTORS(R) (C.A.R.). The
March Housing Affordability Index (HAI) decreased two percentage points from
30 percent in February 2003.
The minimum household income needed to purchase a median-priced home at
$352,780 in California in March was $82,470, based on a typical 30-year,
fixed-rate mortgage at 5.80 percent and assuming a 20 percent downpayment. The
minimum household income needed to purchase a median-priced home was up from
$78,130 in March 2002, when the median price of a home was $305,840 and the
prevailing interest rate was 6.84 percent.
At 65 percent, the High Desert was the most affordable region in the
state, followed by Riverside/San Bernardino at 41 percent. Monterey was the
least affordable region in the state at 18 percent.
C.A.R.'s monthly housing affordability index measures the percentage of
households that can afford to purchase a median-priced home in California.
C.A.R. also reports housing affordability indexes for regions and select
counties within the state. The index is the most fundamental measure of
housing well-being in the state.
C.A.R.'s First Quarter 2003 sales and median price report for the state
and regions within the state will be released on May 14; the April 2002 report
will be released on May 27.
The California Association of REALTORS(R) (http://www.car.org) is one of
the largest state trade organizations in the United States, with more than
115,000 members dedicated to the advancement of professionalism in real
estate. C.A.R. is headquartered in Los Angeles.
CALIFORNIA HOUSING AFFORDABILITY INDEX *
Mar-03 Feb-03 Mar-02
California 28 30 29
California - Condos 41 41 42
United States 59 59 57
C.A.R. REGION
Central Valley 40 40 44 r
High Desert 65 65 68
Los Angeles 31 31 33
Monterey Region 18 17 r 17
Northern California 32 35 r 36
Northern Wine Country 19 18 r 19 r
Orange County 22 21 r 25
Palm Sprgs/Lwr Desert 19 22 23
Riverside/SBernardino 41 40 r 44
Sacramento 43 43 48 r
San Diego 21 22 23
San Francisco Bay Area 19 22 r 18
San Luis Obispo 19 18 r 20
Santa Barbara County 21 18 r 22
Santa Clara 25 25 r 22
Ventura n.a. 32 36
COUNTY
Alameda 19 21 r 21
Contra Costa 12 13 r 11
Fresno 44 46 51
Kern 55 57 60
Marin 17 17 r 16
Merced 36 34 40
Riverside 34 36 39
San Bernardino 49 50 53
San Francisco 12 11 r 12
San Joaquin 34 34 35
San Mateo 17 18 r 16
Santa Cruz 17 16 r 16
Sonoma 20 19 r 19
Stanislaus 41 40 43
* -- percentage of California households that can afford to purchase a
median-priced home
r -- revised Source: California Association of REALTORS(R)
SOURCE California Association of REALTORS
back to topRelated links:
CONTACT:
Mark Giberson of California Association of
REALTORS, +1-213-739-8304, markg@car.org
