California Housing

Affordability
Update –
Q1-2021
Traditional
Affordability Index
 Housing affordability peaked at Q2-2012
California, 1984-2021
80%
Annual Quarterly
% OF HOUSEHOLDS THAT CAN
BUY A MEDIAN-PRICED HOME

70%
60%
50% US, Q1 2021, 54%
40%
30%
20% CA, Q1 2021, 27%

10%
0%

SERIES: Housing Affordability Index of Traditional Buyers page

SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
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 Housing Affordability – Traditional Index

California: 2006-2021
60%
Buy A Median-priced Home
% Of Households That Can

50%

40%

30% 27%

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
Q1-2021 Q1-2012
80%
71% 71%
70% 65%
60% 54% 56% 56%
50% 45%
40% 39%
40%
30% 27% 29%
23%
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 2021 Q1 % CHG

CA SFH $56,320 $131,200 133.0%

CA
$44,440 $97,600 119.6%
Condo/Townhomes
Los Angeles
$53,780 $118,400 120.2%
Metropolitan Area
Inland Empire $35,170 $86,400 145.7%

S.F. Bay Area $90,370 $210,800 133.3%

US $32,000 $58,000 81.3%

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 2020 Q1 2021 Q1 CHG. in $

CA SFH $114,000 $131,200 $17,200

CA
$93,200 $97,600 $4,400
Condo/Townhomes
Los Angeles
$106,400 $118,400 $12,000
Metropolitan Area
Inland Empire $76,000 $86,400 $10,400

S.F. Bay Area $178,800 $210,800 $32,000

US $53,200 $58,000 $4,800

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 2021 Q1 % CHG

CA SFH $1,410 $3,280 132.6%

CA
$1,110 $2,440 119.8%
Condo/Townhomes
Los Angeles
$1,340 $2,960 120.9%
Metropolitan Area
Inland Empire $880 $2,160 145.5%

S.F. Bay Area $2,260 $5,270 133.2%

US $800 $1,450 81.3%

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 2020 Q1 2021 Q1 % CHG

CA SFH $2,850 $3,280 15.1%

CA
$2,330 $2,440 4.7%
Condo/Townhomes
Los Angeles
$2,660 $2,960 11.3%
Metropolitan Area
Inland Empire $1,900 $2,160 13.7%

S.F. Bay Area $4,470 $5,270 17.9%

US $1,330 $1,450 9.0%

SERIES: Housing Affordability Index of Existing Detached Homes page

SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
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 Housing Affordability in CA
by county
2021-Q1: % able to purchase median-priced home
70% 62%
60% 54%
50%
40%
30% 27%

20%
10%
3%
0%

SERIES: Housing Affordability Index of Traditional Buyers page

SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
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