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| California's Housing Affordability Index Falls 5 Points in October; Affordability Gap Between California and U.S. at 32 Points |
LOS ANGELES, Dec. 11 /PRNewswire/ -- The percentage of households in
California able to afford a median-priced home stood at 25 percent in October,
a 5 percentage-point decrease compared to the same period a year ago when the
Index was at 30 percent, according to a report released today by the
California Association of REALTORS(R) (C.A.R.). The October Housing
Affordability Index (HAI) increased by 1 percentage point from September when
it stood at a revised 24 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
$381,200 in California in October was $89,340, based on a typical 30-year,
fixed-rate mortgage at 5.83 percent and assuming a 20 percent downpayment.
The minimum household income needed to purchase a median-priced home was up
from $78,160 in October 2002, when the median price of a home was $324,670 and
the prevailing interest rate was 6.14 percent. The minimum household income
needed to purchase a median-priced home at $172,400 in the U.S. in October was
$40,410.
At 58 percent, the High Desert region was the most affordable region in
the state, followed by the Sacramento region at 38 percent. The San Diego
region was the least affordable in the state at 16 percent, followed by the
Monterey region at 17 percent.
C.A.R.'s November 2003 sales and median price report for the state and
regions within the state will be released on Dec. 23.
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
130,000 members dedicated to the advancement of professionalism in real
estate. C.A.R. is headquartered in Los Angeles.
CALIFORNIA HOUSING AFFORDABILITY INDEX *
C.A.R. REGION Oct-03 Sep-03 Oct-02
California 25 24 r 30
California - Condos 37 36 42
United States 57 56 58
Central Valley 35 34 r 40
High Desert 58 57 65
Los Angeles 24 24 31
Monterey Region 17 15 r 19
Northern California 27 26 35
Northern Wine Country 16 15 20 r
Orange County 18 18 24
Palm Springs/Lower Desert 19 20 26 r
Riverside/San Bernardino 33 35 45
Sacramento 38 38 43 r
San Diego 16 17 22
San Francisco Bay Area 19 19 r 21
San Luis Obispo 18 20 24 r
Santa Barbara County 20 15 15 r
Santa Clara 26 26 r 27
Ventura 25 22 31
COUNTY
Alameda 20 19 21
Contra Costa 12 10 13
Fresno 41 41 45
Marin 19 18 18
Merced 27 31 36
Riverside 29 32 40
San Bernardino 39 42 52
San Francisco 12 12 14
San Joaquin 28 29 32
San Mateo 18 18 r 20
Santa Cruz 18 17 r 18
Sonoma 16 16 22 r
Stanislaus 36 35 41
* -- 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
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CONTACT:
Media, Mark Giberson of California
Association of REALTORS, +1-213-739-8304, markg@car.org
