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Wednesday, February 24, 2010

California’s Entry Level Buyer Affordability Index

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The California Association of Realtors reports that the entry-level housing affordability remained at 64 percent in the fourth quarter of 2009. Below are the quick facts as reported:
.  C.A.R. First-time Buyer Housing Affordability Index stood at 64 percent in the fourth quarter of 2009
compared with 61 percent (revised) in the fourth quarter of 2008
.  The median price of an entry-level home in California was $257,940 in the fourth quarter of 2009
.  The estimated monthly payment including taxes and insurance was $1,470 in the fourth quarter of
2009
.  The minimum household income needed to purchase an entry-level home in California in the fourth
quarter of 2009 was $44,100.

This is report measures the percentage of households that can afford to purchase an entry-level home in California. This info can vary by area and you will see the affordability index for all areas on the charts below. At 84 percent, the High Desert region was the most affordable area in the state. The San Luis Obispo County region was the least affordable in the state at 48 percent, followed by the San Francisco Bay region and Santa Barbara area both at 50 percent.

C.A.R. First-time Buyer Housing Affordability Index

C.A.R. Region Q4 2009 Q3 2009 Q4 2008
California 64 64 61 r
California - Condos 68 68 67 r
United States 77 76 74
High Desert 84 85 78
Los Angeles County 53 52 49
Monterey Region 65 66 61
Northern California 65 63 61 r
Northern Wine Country 58 58 56
Orange County 53 51 52
Palm Springs/Lower Desert 74 74 68
Riverside/San Bernardino 78 78 72
Sacramento County 79 78 76
San Diego County 57 56 57
San Francisco Bay 50 49 50
San Luis Obispo County 48 47 47
Santa Barbara Area 50 52 57
Santa Clara County 52 53 53
Southern California 63 64 61
Ventura County 59 56 61
County
Alameda 52 52 51
Contra Costa 44 42 38
Fresno 77 76 72
Marin 40 37 33
Merced 84 83 81
Riverside 78 78 73
San Bernardino 81 81 73
San Francisco 35 35 33
San Mateo 41 40 40
Santa Cruz 43 43 46
Sonoma 59 60 59

Source:  CALIFORNIA ASSOCIATION OF REALTORS®

C.A.R. Region Housing
Affordability Index		 Entry-Level Price Monthly Payment Including Taxes & Insurance Minimum
Qualifying Income
California 64 $257,940 $1,470 $44,100
California - Condos 68 $229,360 $1,310 $39,300
United States 77 $146,970 $840 $25,200
High Desert 84 $103,130 $590 $17,700
Los Angeles County 53 $299,760 $1,710 $51,300
Monterey Region 65 $266,190 $1,520 $45,600
Northern California 65 $220,780 $1,260 $37,800
Northern Wine Country 58 $312,230 $1,780 $53,400
Orange County 53 $420,770 $2,400 $72,000
Palm Springs/Lower Desert 74 $144,610 $830 $24,900
Riverside/San Bernardino 78 $150,240 $860 $25,800
Sacramento County 79 $160,290 $920 $27,600
San Diego County 57 $322,330 $1,840 $55,200
San Francisco Bay 50 $468,620 $2,680 $80,400
San Luis Obispo County 48 $329,010 $1,880 $56,400
Santa Barbara Area 50 $357,710 $2,040 $61,200
Santa Clara County 52 $497,250 $2,840 $85,200
Southern California 63 $256,620 $1,470 $44,100
Ventura County 59 $370,120 $2,110 $63,300
County
Alameda 52 $399,880 $2,280 $68,400
Contra Costa 44 $525,880 $3,000 $90,000
Fresno 77 $128,560 $730 $21,900
Marin 40 $654,070 $3,730 $111,900
Merced 84 $94,360 $540 $16,200
Riverside 78 $152,680 $870 $26,100
San Bernardino 81 $133,580 $760 $22,800
San Francisco 35 $598,860 $3,420 $102,600
San Mateo 41 $612,000 $3,490 $104,700
Santa Cruz 43 $454,840 $2,600 $78,000
Sonoma 59 $318,620 $1,820 $54,600

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