C.A.R. Report Shows Statewide Housing Affordability Crisis
The California Association of Realtors (C.A.R.) published a new report showing that the majority of reporting counties do not have median incomes that can afford the median house price.
Of the 32 counties that did report only 7 have affordable housing situations currently.
5 of those 7 are in the Central Valley, they are Fresno, Kings, Madera, Merced, and Tulare Counties. The 2 other exceptions were San Bernardino and Shasta Counties.
The most affordable county is currently Kings County, with median house price listed at 23.6% less than the ceiling price a median household income could afford.
San Francisco on the other hand is the least affordable by a mile. San Francisco County’s median house price is 225.2% greater than what a median household income can afford. So even with a reported median income of $75,910, you are almost a cool million short when looking at that median house priced just shy of $1.25 million.
Overall, less than one-third of the state’s housing inventory was priced with a tag affordable to those earning California median income of $60,244.
More on the C.A.R. report including methodology and other reporting counties can be found here.
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