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California Housing Affordability Sinks to 2007 Levels

Housing affordability in California slid to the lowest level in nearly 16 years as interest rates stayed above 6% for the third consecutive quarter and prices remained elevated by a shortage of homes on the market, the California Association of Realtors (C.A.R.) said Friday. Affordability declined in 47 California counties and remained unchanged in four during the second quarter, said C.A.R.

Just 16% of prospective home buyers could afford to buy an existing medium-sized, single-family home in Q2, down from 17% in the year-ago period. For condos and townhomes, the percentage of would-be buyers who could afford a median-priced $640,000 unit was 25%. unchanged from a year ago.

Compared with California, more than a third of the nation’s households could afford to purchase a $402,600 median-priced home, which required a minimum annual income of $100,800 to make monthly payments of $2,520. Nationwide affordability was down from 38% a year ago, according to C.A.R.


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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Economy
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