California Housing

Affordability
Update –
Q4-2022
Traditional
Affordability Index
 Housing affordability remains near the lowest level
since 2007
California, 1984-2022
80%
Annual Quarterly
% OF HOUSEHOLDS THAT CAN
BUY A MEDIAN-PRICED HOME

70%
60%
50%
40%
US, Q4 2022, 38%
30%
20%
CA, Q4 2022, 17%
10%
0%

SERIES: Housing Affordability Index of Traditional Buyers page

SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
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 Housing Affordability – Traditional Index

California: 2006-2022
60%
Buy A Median-priced Home
% Of Households That Can

50%

40%

30%

20% 17%

10%

0%

SERIES: Housing Affordability Index of Traditional Buyers page

SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
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 Affordability Peak vs. Current
HAI Peak vs. Current
Q4-2022 Q1-2012
80%
71% 71%
70% 65%
60% 56% 56%
50% 45%
40% 38%
30% 26% 23%
17% 18% 20%
20%
10%
0%
US CA SFH CA Condo / Los Angeles Inland Empire S.F. Bay Area
Townhomes Metropolitan
Area
SERIES: Housing Affordability Index of Traditional Buyers page
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
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Minimum Annual Income Required
During Affordability Peak vs. Current

Region 2012 Q1 2022 Q4 % CHG

CA SFH $56,320 $201,200 257.2%

CA
$44,440 $155,200 249.2%
Condo/Townhomes
Los Angeles
$53,780 $185,600 245.1%
Metropolitan Area

Inland Empire $35,170 $137,600 291.2%

S.F. Bay Area $90,370 $305,200 237.7%

US $32,000 $96,400 201.3%

SERIES: Housing Affordability Index of Existing Detached Homes page

SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
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Minimum Annual Income Required –
Current vs. Last Year

Region 2021 Q4 2022 Q4 CHG. in $

CA SFH $148,000 $201,200 $53,200

CA
$113,200 $155,200 $42,000
Condo/Townhomes
Los Angeles
$134,000 $185,600 $51,600
Metropolitan Area

Inland Empire $98,400 $137,600 $39,200

S.F. Bay Area $232,000 $305,200 $73,200

US $66,800 $96,400 $29,600

SERIES: Housing Affordability Index of Existing Detached Homes page

SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
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Monthly PITI During Affordability Peak vs. Current

Region 2012 Q1 2022 Q4 % CHG

CA SFH $1,410 $5,030 256.7%

CA
$1,110 $3,880 249.5%
Condo/Townhomes
Los Angeles
$1,340 $4,640 246.3%
Metropolitan Area

Inland Empire $880 $3,440 290.9%

S.F. Bay Area $2,260 $7,630 237.6%

US $800 $2,410 201.3%

SERIES: Housing Affordability Index of Existing Detached Homes page

SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
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Monthly PITI – Current vs. Last Year

Region 2021 Q4 2022 Q4 % CHG

CA SFH $3,700 $5,030 35.9%

CA
$2,830 $3,880 37.1%
Condo/Townhomes
Los Angeles
$3,350 $4,640 38.5%
Metropolitan Area

Inland Empire $2,460 $3,440 39.8%

S.F. Bay Area $5,800 $7,630 31.6%

US $1,670 $2,410 44.3%

SERIES: Housing Affordability Index of Existing Detached Homes page

SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
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 Housing Affordability in CA
by county
60% 2022-Q4: % able to purchase median-priced single-family home
54%
50%

40% US, 38%

30%

20% CA, 17%

10% 7%

0%

SERIES: Housing Affordability Index of Traditional Buyers page

SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
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