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    California Housing Affordability Update

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    C.A.R. Research & Economics
    Housing affordability in California remains near its lowest level since 2007, with only 24% of households able to purchase a median-priced home in Q1 2022. Affordability has declined significantly from the peak in 2012, with minimum income requirements in 2022 being over 180% higher than in 2012 for a single-family home. Affordability varies widely by region, from 61% of households in Sutter County able to purchase versus only 7% in San Francisco County.

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    California Housing Affordability Update

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    C.A.R. Research & Economics
    8K views9 pages
    Housing affordability in California remains near its lowest level since 2007, with only 24% of households able to purchase a median-priced home in Q1 2022. Affordability has declined significantly from the peak in 2012, with minimum income requirements in 2022 being over 180% higher than in 2012 for a single-family home. Affordability varies widely by region, from 61% of households in Sutter County able to purchase versus only 7% in San Francisco County.

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    Q1 2022 Traditional HAI

    Original Title

    Traditional HAI

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    Housing affordability in California remains near its lowest level since 2007, with only 24% of households able to purchase a median-priced home in Q1 2022. Affordability has declined significantly from the peak in 2012, with minimum income requirements in 2022 being over 180% higher than in 2012 for a single-family home. Affordability varies widely by region, from 61% of households in Sutter County able to purchase versus only 7% in San Francisco County.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    8K views9 pages

    California Housing Affordability Update

    Uploaded by

    C.A.R. Research & Economics
    Housing affordability in California remains near its lowest level since 2007, with only 24% of households able to purchase a median-priced home in Q1 2022. Affordability has declined significantly from the peak in 2012, with minimum income requirements in 2022 being over 180% higher than in 2012 for a single-family home. Affordability varies widely by region, from 61% of households in Sutter County able to purchase versus only 7% in San Francisco County.

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    California Housing

    Affordability
    Update –
    Q1-2022
    Traditional
    Affordability Index
    Housing affordability remains near the lowest level
    since 2007
    California, 1984-2022
    80%
    Annual Quarterly
    % OF HOUSEHOLDS THAT CAN
    BUY A MEDIAN-PRICED HOME

    70%
    60%
    50%
    40% US, Q1 2022, 47%

    30%
    20% CA, Q1 2022, 24%
    10%
    0%

    SERIES: Housing Affordability Index of Traditional Buyers page


    SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
    2
    Housing Affordability – Traditional Index

    California: 2006-2022
    60%
    Buy A Median-priced Home
    % Of Households That Can

    50%

    40%

    30%
    24%
    20%

    10%

    0%

    SERIES: Housing Affordability Index of Traditional Buyers page


    SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
    3
    Affordability Peak vs. Current
    HAI Peak vs. Current
    Q1-2022 Q1-2012
    80%
    71% 71%
    70% 65%
    60% 56% 56%
    50% 47% 45%
    40%
    32% 31%
    30% 24% 24%
    20%
    20%
    10%
    0%
    US CA SFH CA Condo / Los Angeles Inland Empire S.F. Bay Area
    Townhomes Metropolitan
    Area
    SERIES: Housing Affordability Index of Traditional Buyers page
    SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
    4
    Minimum Annual Income Required
    During Affordability Peak vs. Current

    Region 2012 Q1 2022 Q1 % CHG

    CA SFH $56,320 $158,000 180.5%

    CA
    $44,440 $126,800 185.3%
    Condo/Townhomes
    Los Angeles
    $53,780 $146,000 171.5%
    Metropolitan Area
    Inland Empire $35,170 $111,200 216.2%

    S.F. Bay Area $90,370 $267,600 196.1%

    US $32,000 $73,200 128.8%

    SERIES: Housing Affordability Index of Existing Detached Homes page


    SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
    5
    Minimum Annual Income Required –
    Current vs. Last Year

    Region 2021 Q1 2022 Q1 CHG. in $

    CA SFH $131,200 $158,000 $26,800

    CA
    $97,600 $126,800 $29,200
    Condo/Townhomes
    Los Angeles
    $118,400 $146,000 $27,600
    Metropolitan Area
    Inland Empire $86,400 $111,200 $24,800

    S.F. Bay Area $210,800 $267,600 $56,800

    US $58,000 $73,200 $15,200

    SERIES: Housing Affordability Index of Existing Detached Homes page


    SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
    6
    Monthly PITI During Affordability Peak vs. Current

    Region 2012 Q1 2022 Q1 % CHG

    CA SFH $1,410 $3,950 180.1%

    CA
    $1,110 $3,170 185.6%
    Condo/Townhomes
    Los Angeles
    $1,340 $3,650 172.4%
    Metropolitan Area
    Inland Empire $880 $2,780 215.9%

    S.F. Bay Area $2,260 $6,690 196.0%

    US $800 $1,830 128.8%

    SERIES: Housing Affordability Index of Existing Detached Homes page


    SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
    7
    Monthly PITI – Current vs. Last Year

    Region 2021 Q1 2022 Q1 % CHG

    CA SFH $3,280 $3,950 20.4%

    CA
    $2,440 $3,170 29.9%
    Condo/Townhomes
    Los Angeles
    $2,960 $3,650 23.3%
    Metropolitan Area

    Inland Empire $2,160 $2,780 28.7%

    S.F. Bay Area $5,270 $6,690 26.9%

    US $1,450 $1,830 26.2%

    SERIES: Housing Affordability Index of Existing Detached Homes page


    SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
    8
    Housing Affordability in CA
    by county
    2022-Q1: % able to purchase median-priced home
    70%
    61%
    60%
    50% 47%

    40%
    30% 24%
    20%
    10% 7%
    0%

    SERIES: Housing Affordability Index of Traditional Buyers page


    SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
    9

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