After hitting a 10-year low in Q3 2017, slightly lower home prices and steady mortgages rates allowed more Californians to realize the dream of home-ownership and purchase a home in the fourth quarter of 2017.

  • 29 % of California households that could afford to purchase a median-priced home.
  • 37% of Californians who could afford to purchase a median-priced condo or town home. 

$550,990                                          $111,260

Median price of a single-family,                                      Minimum annual income needed to qualify for the purchase

existing home in California.                                           of a median-priced, existing single-family home.

 

$449,720                                         $90,810

Median-price if a condo/town                                         Minimum annual income needed to afford monthly mortgage 

home in California                                                        payments on a median-priced condo/town home in California,

                                                                                  including principal, interest and taxes.   

 

Most Affordable                           Least Affordable

Tehama (56%)                                                       San Francisco (12%)

Kern (54%)                                                            San Mateo (14%)

Sutter, Tulare, and Kings (52%)                              Santa Clara (15%)

 

 

Courtesy of Mike Patel,   

First Team Real Estate Christie’s International .   www.mikepatel.com

 714-470-8600    dre 01146880