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2017 California Home Affordability

2017 California Home Affordability 

How Affordable are California Homes in 2017 San Diego County

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
  • Marin

Most affordable Counties in California:

  • Kings
  • Kern
  • 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

619-656-0655

San Diego Real Estate Team - Relocation Experts



This post first appeared on San Diego Real Estate, please read the originial post: here

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2017 California Home Affordability

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