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| California's Housing Affordability Index Falls Seven Points in April; Minimum Household Income Needed to Purchase Median-Priced Home Tops $100,000 for First Time |
LOS ANGELES, June 17 /PRNewswire/ -- The percentage of households in
California able to afford a median-priced home stood at 20 percent in April, a
7 percentage-point decrease compared to the same period a year ago when the
Index was at 27 percent, according to a report released today by the
California Association of REALTORS(R) (C.A.R.). The April Housing
Affordability Index (HAI) declined one point compared to March, when it stood
at 21 points.
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.
The minimum household income needed to purchase a median-priced home at
$453,590 in California in April was $102,550, based on a typical 30-year,
fixed-rate mortgage at 5.42 percent and assuming a 20 percent downpayment.
The minimum household income needed to purchase a median-priced home was up
from $84,510 in April 2003, when the median price of a home was $364,040 and
the prevailing interest rate was 5.72 percent.
The minimum household income needed to purchase a median-priced home at
$176,000 in the U.S. in April 2004 was $39,790.
At 52 percent, the High Desert region was the most affordable C.A.R.
region in the state, followed by the Sacramento region at 33 percent. The
Monterey region was the least affordable region in the state at 12 percent.
C.A.R.'s May 2004 sales and median price report for the state and regions
within the state will be released on June 25.
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
135,000 members dedicated to the advancement of professionalism in real
estate. C.A.R. is headquartered in Los Angeles.
C.A.R. HOUSING AFFORDABILITY INDEX *
Apr-04 Mar-04 Apr03
California 20 21 27
California -- Condos 31 31 39r
United States 58 58 59
C.A.R. REGION
Central Valley 32 33 39
High Desert 52 53 64
Los Angeles 20 22r 29
Monterey Region 12 14 16
Northern California 23 25 31
Northern Wine Country 14 14 17
Orange County 13 14 21
Palm Sprgs/Lwr Desert 13 13r 20r
Riverside/S. Bernardino 27 29 39
Sacramento 33 34 43
San Diego 14 15 22
San Francisco Bay Area 17 17r 19
San Luis Obispo 20 20 17
Santa Barbara County 13 14 12r
Santa Clara 24 23 26
Ventura 17 20r 23
COUNTY
Alameda 18 20r 20
Contra Costa 11 12r 10
Fresno 34 35 44
Marin 16 17 17
Merced 30 31 33
Riverside 20 22r 33
San Bernardino 34 36 49
San Francisco 12 12 11
San Joaquin 28 28 32
San Mateo 17 17 18
Santa Cruz 15 17 16
Sonoma 15 16 18
Stanislaus 35 35 38
* -- percentage of California households that can afford to purchase a
median-priced home
r -- revised
Median Prices By Region -- Current Month vs. Year Ago
Apr-04 Mar-04 Apr-03
Statewide
Calif. (sf) $453,590 $428,570r $364,040r
Calif. (condo) $351,650 $335,370r $277,720r
C.A.R. REGION
Central Valley $261,090 $254,060r $213,670r
High Desert $197,720 $192,270 $148,470
Los Angeles $423,480 $391,740r $325,550r
Monterey Region $611,230 $575,550 $491,020
Monterey County $555,000 $509,000 $428,750
Santa Cruz County $620,000 $606,250 $541,000
Northern California $346,020 $325,560 $276,230
Northern Wine Country $488,700 $472,530 $410,430
Orange County $645,590 $605,560 $466,780r
Palm Springs/Lower Desert $349,390 $325,970 $258,780r
Riverside/San Bernardino $287,200 $274,660r $207,540
Sacramento $297,410 $287,450r $236,290r
San Diego $527,320 $494,020 $394,990
San Francisco Bay $634,830 $618,900 $554,560
San Luis Obispo $398,790 $387,120 $388,360
Santa Barbara County $512,200 $475,000 $517,440r
Santa Barbara South Coast $985,000 $1,049,000r $819,000r
No. Santa Barbara County $360,600 $352,270r $293,180
Santa Clara $618,000 $625,000 $542,500
Ventura $613,360 $552,120 $489,680
na -- not available
r -- revised
SOURCE California Association of REALTORS
back to topRelated links:
CONTACT:
Mark Giberson of California Association of
REALTORS, +1-213-739-8304, markg@car.org
