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California home affordability rates plummet

May 14, 2014

redevelopment-agencies-199x300Higher home prices and interest rates have resulted in a sharp drop in the number of Californians able to afford a home, according to report by the California Association of Realtors

In 2013, 44 percent of Californians had incomes sufficient to purchase a home in the state. Currently, only 33 percent of home buyers can afford a median-priced, existing single-family home in California.

The median home price for the first quarter of 2014 was $416,720 and an annual income of $86,419 was needed to purchase a home at that price.

According to the report, the three most affordable counties in California are Madera County (65 percent), San Bernardino County (63 percent), and Kings County (62 percent). The least affordable counties in California include San Mateo County (12 percent), San Francisco County (14 percent), Santa Barbara County (16 percent), and Marin County (16 percent).

San Luis Obispo, Contra Costa and Kings counties had the lowest increase least in minimum income required to purchase a median-priced home.


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During the Clinton/Greenspan “era,” the mind set developed that everybody “deserved” to

be a home owner. Whether they could afford it or not was apparently irrelevant, because the

de-regulation of financial institutions, creation of bizzaro investment instruments, and inflatedassessments and income stats allowed for every “burger flipper” in the country to get into a home with little or no down. This, of course, was a major contributor to the 2008–?? melt-

down

It seems as though this “mind set.” is still pervasive, which of course only rolls the dice for arepeat of 2008. Being deeply in debt has become an American way of life and almost a

patriotic duty. Never in the history of this planet has a nation or a people been so heavily in debt with little or no concern for the “down the road,” repercussions which will surely result.

Bottom line: If you can’t afford it, get training/education, work harder, save money or forget it.


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SLOTECH90 says: “During the Clinton/Greenspan “era,” ”


Smoking the medicinal are we?


Owning a home is the American dream, not some lefty plot of “Clinton”, banks are the problem.


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Us Californians haver never met a tax or regulation we did not like. A beautiful paradise that the voters destroyed.


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Don’t ignore the politicians, They are really fond of taxes and regulations, for anyone other than them.


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