The California Association of Realtors® found that because of slightly lower home prices and steady mortgage rates in the 3rd quarter of 2017, more Californians were able to purchase a home in the 4th quarter of 2017. Here’s some more interesting facts:

  •        29% of California households could afford to purchase a median-priced home;
  •        The California statewide median price of a single-family existing home in California is $550,990 (compared to a Feb. 2018 single-family detached median price of $390,000 in the Coachella Valley);
  •        The minimum annual income needed to qualify for the purchase of a California median-priced existing single-family home is $111,260 per year;
  •        Tehama at 56% was the most affordable county in California, followed by Kern County (54%) and Sutter, Tulare and Kings Counties (all at 52%);
  •       37% of Californians could afford to purchase a median-priced condo or townhouse;
  •       The California statewide median price of a condo/townhome in California is $449,720 (compared to a Feb. 2018 condo median price of $259,900 in the Coachella Valley);
  •       The minimum annual income needed to qualify for the purchase of a California median-priced existing condo/townhouse is $90,810 per year; and
  •       San Francisco at 12% was the least affordable county in California, followed by San Mateo at 14% and Santa Clara at 15%.