- Twenty-six percent of California households could afford to purchase the median-priced single-family home in the second quarter, down on both a quarterly and yearly basis.
- Thirty-seven of 45 tracked California counties were less affordable than they were in the second quarter of 2017.
- In the Bay Area, affordability declined year over year in five counties, improved slightly in two, and was unchanged in two.
The number of Golden State residents who could afford to purchase a home declined in the most recently completed quarter, with more than 80 percent of counties less affordable than they were one year ago.
San Francisco and San Mateo counties are no longer California’s least-affordable housing markets; that dubious distinction falls to Santa Cruz County, where only 12 percent of households can afford the median-priced home. But as the state’s two most expensive counties, with home prices higher than $1.6 million in the second quarter, buyers require the largest annual incomes and can expect to shell out the highest monthly payments. Read full article @elizabethGkilgore
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