2017 California Home Affordability
Homes in California were slightly more affordable in Q3 of 2016 compared with Q3 of 2015.
Median price for a single family home in California - $515.940
Minimum annual income needed to make a monthly payment of $2,510, including principal interest and taxes on a 30 year fixed rate mortgage at a 3.76% interest rate. - $100,290
31% of California households could afford to purchase a median priced single family home in the 3rd quarter of 2016.
29% of California households could afford to purchase a median priced single family home in the 3rd quarter of 2015.
40% of homebuyers were able to purchase a median priced ($418,230) condo or townhome.
We’ve found that many home buyers that can’t quite afford a single family home in the neighborhood of San Diego that they want will usually end up buying a condo with the hope of upgrading to a single family detached home in the future. Getting a foot in the door of San Diego Home Ownership is the key and from there the equity starts building and the upgrading to a larger property takes place.
Least affordable Counties in California:
- San Francisco
- San Mateo
Most affordable Counties in California:
- San Bernardino
Ready to buy a home in San Diego in 2017?
Give The Lewis Team a call today!
What’s my San Diego Home’s Value in 2017?
The Lewis Team