California “affordability” was 34% for a first-timer in the fourth quarter vs. 57% nationally.
“Cheap California” looks at various slices of the state’s economy based on price.You can find California housing with pricing that requires a proportional size of income on par with what is needed by the typical new U.S. house hunter. But those “bargain” homes are located in sparsely populated parts of the state.My trusty spreadsheet reviewed the California Association of Realtors’ first-time homebuyer affordability index to find housing bargains in 51 counties for 2022’s fourth quarter.
Affordability tumbled last year as stubbornly high prices combined with rising mortgage rates. As a result, few house hunters could qualify for a home loan and sales activity plunged in 2022’s second half. Ponder California’s “affordability” at 34% for a first-timer in the fourth quarter. That was down from an average 38% in 2022’s first nine months as the Federal Reserve ended its cheap money policies as upped interest rates. Affordability statewide averaged 45% in mid-pandemic 2020-21 and 49% in 2015-19, before the coronavirus twisted the economy.
Yes, homes are more affordable nationally, but the downward slope is similar. The year-end 57% U.S. affordability rate compares to 61% during the previous nine months, 69% in 2020-21 and 72% in 2015-19.When looking only at the state’s 12 most-populous counties, you also see “bargains” are concentrated in inland California. Here’s how the dozen big housing markets ranked in order of affordability …
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