NoPlaceLikeHomeEastBay
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Statewide Rent Control and Just Cause Eviction Bill Approved by the California Legislature
Carlos Camargo | September 20, 2019 -
6 REASONS WHY FALL MAY BE THE BEST TIME TO BUY A HOME IN THE BAY AREA
Carlos Camargo | September 19, 2019 -
Six Easy Ways to Spruce Up Your Home’s Exterior Just in Time for Fall
Carlos Camargo | September 15, 2019
East Bay Living
2019-Q2 California Housing Affordability - https://lnkd.in/eE2k2_J
The percentage of home buyers who could afford to purchase a median-priced, existing single-family home in California in second-quarter 2019 dipped to 30% from 32% in the first quarter of 2019 but was up from 26% in the second quarter a year ago, according to C.A.R.’s Traditional Housing Affordability Index (HAI). California’s housing affordability index hit a peak of 56 percent in the second quarter of 2012.
C.A.R.’s HAI measures the percentage of all households that can afford to purchase a median-priced, single-family home in California. C.A.R. also reports affordability indices for regions and select counties within the state. The index is considered the most fundamental measure of housing well-being for home buyers in the state.
A minimum annual income of $122,960 was needed to qualify for the purchase of a $608,660 statewide median-priced, existing single-family home in the second quarter of 2019. The monthly payment, including taxes and insurance on a 30-year, fixed-rate loan, would be $3,070, assuming a 20% down payment and an effective composite interest rate of 4.17%. composite interest rate was 4.62% in first-quarter 2019 and 4.70% 2Q-19
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Sample Mortgage Rates
For 9/22/2019
30 Year Fixed |
4.25% |
15 Year Fixed |
3.625% |
5/1 ARM |
4.75% |
For general informational purposes only. Actual rates available to you will depend on many factors including lender, income, credit, location, and property value. Contact a mortgage broker to find out what programs are available to you.
