“Quick Facts:
· C.A.R. First-time Buyer Housing Affordability Index stood at 67 percent in the second quarter of 2009 compared with 49 percent (revised) in the second quarter of 2008
· The median price of an entry-level home in California was $224,180 in the second quarter of 2009
· The estimated monthly payment including taxes and insurance was $1,330 in the second quarter of 2009
· The minimum household income needed to purchase an entry-level home in California in the second quarter of 2009 was $39,930″
California Association of REALTORS most recent data shows affordability is at at an all time high. It’s no wonder buyers are opting to own for the cost of renting.
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An interesting new statistic was recently released by the California Association of REALTORS showing Santa Clara County affordability index has climbed from 24% to 49%. Yet another indication that REO(bank owned properties) and Short Sales are making home ownership in Silicon Valley a legitimate option. Take a look at the C.A.R. chart below.
| C.A.R. Region |
Housing
Affordability Index |
Entry-Level Price
|
Monthly Payment Including Taxes & Insurance
|
Minimum
Qualifying Income |
|
California
|
59
|
$248,030
|
$1,630
|
$48,900
|
|
California – Condos
|
65
|
$210,830
|
$1,380
|
$41,400
|
|
United States
|
72
|
$153,090
|
$1,000
|
$30,000
|
| High Desert |
76
|
$125,080
|
$820
|
$24,600
|
| Los Angeles County |
46
|
$301,110
|
$1,970
|
$59,100
|
| Monterey Region |
58
|
$265,700
|
$1,740
|
$52,200
|
| Northern California |
56
|
$241,410
|
$1,580
|
$47,400
|
| Northern Wine Country |
53
|
$300,890
|
$1,970
|
$59,100
|
| Orange County |
48
|
$395,100
|
$2,590
|
$77,700
|
| Palm Sprgs/Lwr Desert |
65
|
$159,310
|
$1,040
|
$31,200
|
| Riverside/SBernardino |
70
|
$171,060
|
$1,120
|
$33,600
|
| Sacramento County |
74
|
$159,750
|
$1,050
|
$31,500
|
| San Diego County |
56
|
$282,910
|
$1,860
|
$55,800
|
| San Francisco Bay |
47
|
$414,070
|
$2,720
|
$81,600
|
| San Luis Obispo County |
44
|
$317,330
|
$2,080
|
$62,400
|
| Santa Barbara Area |
55
|
$269,380
|
$1,770
|
$53,100
|
|
Santa Clara County
|
49
|
$446,250
|
$2,930
|
$87,900
|
| Southern California |
58
|
$248,380
|
$1,630
|
$48,900
|
| Ventura County |
58
|
$333,480
|
$2,190
|
$65,700
|
| County |
\ |
\ |
\ |
\ |
| Alameda |
48
|
$369,050
|
$2,420
|
$72,600
|
| Contra Costa |
35
|
$540,050
|
$3,540
|
$106,200
|
| Fresno |
70
|
$140,000
|
$920
|
$27,600
|
| Marin |
29
|
$709,420
|
$4,650
|
$139,500
|
| Merced |
79
|
$101,850
|
$670
|
$20,100
|
| Riverside |
71
|
$168,640
|
$1,110
|
$33,300
|
| San Bernardino |
70
|
$166,540
|
$1,090
|
$32,700
|
| San Francisco |
30
|
$570,660
|
$3,740
|
$112,200
|
| San Mateo |
37
|
$559,300
|
$3,670
|
$110,100
|
| Santa Cruz |
43
|
$391,000
|
$2,560
|
$76,800
|
| Sonoma |
56
|
$295,600
|
$1,940
|
$58,200
|
Source: California Association of REALTORS
Methodology of First Time Homebuyers Data
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