Housing Affordability On The Rise

The percentage of households that could afford to buy an entry-level home in California rose to 44 percent in the first quarter of 2008, up dramatically from only 26 percent in the same quarter a year ago and 33 percent in the final quarter of 2007, according to the CALIFORNIA ASSOCIATION OF REALTORS®’ First-time Buyer Housing Affordability Index. Households needed an income of $67,830 to purchase a home costing $356,350, which is 85 percent of the statewide median home price. The income requirement was 30 percent lower than a year ago and is closer to the state’s median income of $50,700 – good news for first-time and other homebuyers considering a home purchase. Sacramento and the High Desert regions topped the list of most affordable regions at 64 percent, with Monterey and San Francisco the least affordable at 29 and 30 percent, respectively.

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