|
|
| California's Housing Affordability Index Falls One Point in May; Affordability Gap Between California and U.S. at 32 Points |
LOS ANGELES, July 10 /PRNewswire/ -- The percentage of households in
California able to afford a median-priced home stood at 27 percent in May, a
1 percent decrease compared to the same period a year ago when the Index was
at 28 percent, according to a report released today by the California
Association of REALTORS(R) (C.A.R.). The May Housing Affordability Index
(HAI) was unchanged from April when it also stood at 27 points.
The minimum household income needed to purchase a median-priced home at
$369,290 in California in May was $84,980, based on a typical 30-year,
fixed-rate mortgage at 5.62 percent and assuming a 20 percent down payment.
The minimum household income needed to purchase a median-priced home was up
from $81,510 in May 2002, when the median price of a home was $319,590 and the
prevailing interest rate was 6.82 percent.
At 64 percent, the High Desert was the most affordable region in the
state, followed by Sacramento at 42 percent. The Monterey and Northern Wine
regions were the least affordable regions in the state at 17 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 June 2003 sales and median price report for the state and regions
within the state will be released on July 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
115,000 members dedicated to the advancement of professionalism in real
estate. C.A.R. is headquartered in Los Angeles.
CALIFORNIA HOUSING AFFORDABILITY INDEX *
May-03 Apr-03 May-02
California 27 27 28 r
California - Condos 41 41 41 r
United States 59 59 56
C.A.R. REGION
Central Valley 38 39 41
High Desert 64 64 66
Los Angeles 28 29 31 r
Monterey Region 17 16 15
Northern California 32 31 34
Northern Wine Country 17 17 17
Orange County 21 21 22
Palm Sprgs/Lwr Desert 21 19 21
Riverside/SBernardino 40 39 44
Sacramento 42 43r 44
San Diego 21 22 20
San Francisco Bay Area 19 19 17
San Luis Obispo 18 17 21
Santa Barbara County 21 13 21 r
Santa Clara 26 26 20
Ventura 26 23r 32
COUNTY
Alameda 20 20 18
Contra Costa 11 10 9
Fresno 44 44 50
Kern 56 57 59
Marin 18 17 15
Merced 31 33 38
Riverside 35 33 39
San Bernardino 49 49 52
San Francisco 12 11 10
San Joaquin 33 32 31
San Mateo 17 18 16
Santa Cruz 17 16 15
Sonoma 17 18 18
Stanislaus 38 38 41
* -- percentage of California households that can afford to purchase a
median-priced home
r - revised
SOURCE California Association of REALTORS(R)
back to topRelated links:
CONTACT:
Mark Giberson of California Association of
REALTORS(R), +1-213-739-8304, markg@car.org
