Los Angeles County: 27% – Median home price: $617,310 – improved from 24% one year earlier
Orange County: 26% – Median home price: $828,000 – improved from 20% one year earlier
Riverside County: 41% – Median home price: $420,000 – improved from 37% one year earlier
- Thirty-one percent of all California households could afford to purchase the $607,040 median-priced home in the fourth quarter of 2019, improved from 28 percent a year ago. A minimum annual income of $119,600 was needed to make monthly payments of $2,990, including principal, interest, and taxes on a 30-year fixed-rate mortgage at a 3.89 percent interest rate. Forty-one percent of home buyers were able to purchase the $480,000 median-priced condo or townhome. An annual income of $94,400 was required to make a monthly payment of $2,360.
- Compared with California, more than half of the nation’s households (57 percent) could afford to purchase a $274,900 median-priced single-family home, which required a minimum annual income of $54,000 to make monthly payments of $1,350.
- San Francisco (18 percent), San Mateo (20 percent) and Santa Cruz (21 percent) counties were the least affordable areas in the state. An annual income of $314,800 was needed to purchase a home in San Francisco County.