California Housing

Affordability
Update –
Q3-2021
Traditional
Affordability Index
 Housing affordability remains near the lowest level
since 2007
California, 1984-2021
80%
Annual Quarterly
% OF HOUSEHOLDS THAT CAN
BUY A MEDIAN-PRICED HOME

70%
60%
50%
US, Q3 2021, 50%
40%
30%
20% CA, Q3 2021, 24%
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%
24%
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
Q3-2021 Q1-2012
80%
71% 71%
70% 65%
60% 56% 56%
50%
50% 45%
40% 37% 36%
30% 24% 26%
22%
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 Q3 % CHG

CA SFH $56,320 $148,400 163.5%

CA
$44,440 $109,200 145.7%
Condo/Townhomes
Los Angeles
$53,780 $132,800 146.9%
Metropolitan Area

Inland Empire $35,170 $95,600 171.8%

S.F. Bay Area $90,370 $235,200 160.3%

US $32,000 $66,400 107.5%

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 Q3 2021 Q3 CHG. in $

CA SFH $127,200 $148,400 $21,200

CA
$94,000 $109,200 $15,200
Condo/Townhomes
Los Angeles
$112,000 $132,800 $20,800
Metropolitan Area

Inland Empire $80,000 $95,600 $15,600

S.F. Bay Area $194,000 $235,200 $41,200

US $57,600 $66,400 $8,800

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 Q1 2021 Q3 % CHG

CA SFH $1,410 $3,710 163.1%

CA
$1,110 $2,730 145.9%
Condo/Townhomes
Los Angeles
$1,340 $3,320 147.8%
Metropolitan Area

Inland Empire $880 $2,390 171.6%

S.F. Bay Area $2,260 $5,880 160.2%

US $800 $1,660 107.5%

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 Q3 2021 Q3 % CHG

CA SFH $3,180 $3,710 16.7%

CA
$2,350 $2,730 16.2%
Condo/Townhomes
Los Angeles
$2,800 $3,320 18.6%
Metropolitan Area

Inland Empire $2,000 $2,390 19.5%

S.F. Bay Area $4,850 $5,880 21.2%

US $1,440 $1,660 15.3%

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-Q3: % able to purchase median-priced home
80%
68%
70%
60%
50%
50%
40%
30% 24%
20% 13%
10%
0%

SERIES: Housing Affordability Index of Traditional Buyers page

SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
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