California-Listings-Magazine-June-7-2023 - Flipbook - Page 20
Photo courtesy of Team Rock Properties
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$995K | 1143 E. Lomita Ave., Glendale, CA 91205 | Listing by Jerry Armen | (818) 388-7383
California’s Housing
Affordability Hits Annual High
• Just 20 percent of California households
could afford to purchase a median-priced
home in the first quarter of 2023
A minimum annual income of $188,400 was needed to
make monthly payments of $4,710, including principal,
interest and taxes on a 30-year fixed-rate mortgage at
a 6.48 percent interest rate.
Any way you shake it, California remains a competitive market where housing affordability remains a
challenge for most. Some 20 percent of California
households could afford to purchase the $760,260
median-priced home in the first quarter of 2023, according to the California Association of Realtors. That’s
up from 17 percent in the fourth quarter of 2022 and
down from 24 percent compared to Q1 of 2022.
Lassen remained the most affordable county in California in the first quarter of 2023, followed by Plumas
and Siskiyou. The least affordable counties in California were Mono ( just 7 percent) and a three-way tie between San Luis Obispo, Monterey and Orange, all at 12
percent. Each of those four counties required a minimum annual income of at least $208,000 to purchase
a median-priced home in the respective counties.