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California Housing Affordability

Update

Traditional Housing Affordability Index


Q2 - 2017
Housing Affordability Peaked Q1 2012
California, 1984-2017
60%
Annual Quarterly
% OF HOUSEHOLDS THAT CAN BUY A

50%

40%
MEDIAN-PRICED
HOME

30% 29%

20%

10%

0%

SERIES: Housing Affordability Index of Traditional Buyers


SOURCE: CALIFORNIA ASSOCIATION OF REALTORS
Housing Affordability Traditional Index
California: 2006-2017
60%
% Of Households That Can Buy A

50%
Median-priced Home

40%

30%

20%

10%

0%

SERIES: Housing Affordability Index of Traditional Buyers


SOURCE: CALIFORNIA ASSOCIATION OF REALTORS
Affordability Peak vs. Current
HAI Peak vs. Current
Q2-2017 Q1-2012

80%
71%
65%
60% 56% 56%
45%
40%

20%
29% 38% 31% 43%
0% 21%
CA SFH CA Condo / Los Angeles Inland Empire
Townhomes S.F. Bay Area
Metropolitan Area

SERIES: Housing Affordability Index of Existing Detached Homes


SOURCE: CALIFORNIA ASSOCIATION OF REALTORS
Minimum Annual Income Required During
Affordability Peak vs. Current

Region 2012 Q1 2017 Q2 % CHG


CA SFH $56,320 $110,890 97%
CA Condo/Townhomes $44,440 $88,870 100%
Los Angeles Metropolitan Area $53,780 $98,470 83%
Inland Empire $35,170 $68,560 95%
S.F. Bay Area $90,370 $179,390 99%

SERIES: Housing Affordability Index of Existing Detached Homes


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

Region 2012 Q1 2017 Q2 % CHG


CA SFH $1,410 $2,770 96%
CA Condo/Townhomes $1,110 $2,220 100%
Los Angeles Metropolitan Area $1,340 $2,460 84%
Inland Empire $880 $1,710 94%
S.F. Bay Area $2,260 $4,480 98%

SERIES: Housing Affordability Index of Existing Detached Homes


SOURCE: CALIFORNIA ASSOCIATION OF REALTORS
Housing Affordability In CA: By County
2017-Q2: % able to purchase median-priced home
70

60 57
54 53 52 52
51
50 48 47 47 47 47 46
45 44 44 43 43 43
42
40 39 39 38
40 36 35
33 31
29 28 27
30 27 26 26 25
25
21 21 19
20 17 17 17 16
14 14 13
12
10

SERIES: Housing Affordability Index of Traditional Buyers


SOURCE: CALIFORNIA ASSOCIATION OF REALTORS