California Housing

Affordability
Update –
Q2-2020
Traditional
Affordability Index
 Housing affordability peaked at Q2-2012
California, 1984-2020
80%
Annual Quarterly
% OF HOUSEHOLDS THAT CAN
BUY A MEDIAN-PRICED HOME

70%
US, Q2 2020, 57%
60%
50%
40% CA, Q2 2020, 33%
30%
20%
10%
0%

SERIES: Housing Affordability Index of Traditional Buyers page

SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
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 Housing Affordability –
Traditional Index
California: 2006-2020
60%
Buy A Median-priced Home
% Of Households That Can

50%

40%
33%
30%

20%

10%

0%

SERIES: Housing Affordability Index of Traditional Buyers page

SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
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 Affordability Peak vs. Current
HAI Peak vs. Current
Q2-2020 Q1-2012
80%
71% 71%
70% 65%
60% 57% 56% 56%
50% 44% 46% 45%
40% 33% 36%
30% 28%

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®
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Minimum Annual Income Required
During Affordability Peak vs. Current

Region 2012 Q1 2020 Q2 % CHG

CA SFH $56,320 $115,200 104.5%

CA
$44,440 $90,400 112.4%
Condo/Townhomes
Los Angeles
$53,780 $103,200 91.9%
Metropolitan Area

Inland Empire $35,170 $75,200 113.8%

S.F. Bay Area $90,370 $186,400 106.3%

US $32,000 $54,800 71.3%

SERIES: Housing Affordability Index of Existing Detached Homes page

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

Region 2019 Q2 2020 Q2 CHG. in $

CA SFH $122,800 $115,200 -$7,600

CA
$96,000 $90,400 -$5,600
Condo/Townhomes
Los Angeles
$109,200 $103,200 -$6,000
Metropolitan Area

Inland Empire $76,800 $75,200 -$1,600

S.F. Bay Area $198,000 $186,400 -$11,600

US $56,400 $54,800 -$1,600

SERIES: Housing Affordability Index of Existing Detached Homes page

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

Region 2012 Q2 2020 Q2 % CHG

CA SFH $1,410 $2,880 104.3%

CA
$1,110 $2,260 103.6%
Condo/Townhomes
Los Angeles
$1,340 $2,580 92.5%
Metropolitan Area

Inland Empire $880 $1,880 113.6%

S.F. Bay Area $2,260 $4,660 106.2%

US $800 $1,370 71.3%

SERIES: Housing Affordability Index of Existing Detached Homes page

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

Region 2019 Q2 2020 Q2 % CHG

CA SFH $3,070 $2,880 -6.2%

CA
$2,400 $2,260 -5.8%
Condo/Townhomes
Los Angeles
$2,730 $2,580 -5.5%
Metropolitan Area

Inland Empire $1,920 $1,880 -2.1%

S.F. Bay Area $4,950 $4,660 -5.9%

US $1,410 $1,370 -2.8%

SERIES: Housing Affordability Index of Existing Detached Homes page

SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
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 Housing Affordability in CA
by county
2020-Q2: % able to purchase median-priced home
80%
68%
70%
60% 57%
50%
40% 33%
30%
20% 17%
10%
0%

SERIES: Housing Affordability Index of Traditional Buyers page

SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
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