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.

Image Credit: Flickr User 21358835@N05, https://flic.kr/p/4HbpG8 via (CC BY 2.0)


Comments

Finance

Monday, July 27, 2020 - 15:51

COVID-19 has made it difficult to estimate even the near-term revenue shortfalls for your jurisdiction, but there are opportunities to identify specific revenue streams that will help offset the de