October 1, 2020 Breaking News, Latest News, and Videos

California Housing Affordability Index Falls In Second Quarter:

The housing affordability index, which measures the percentage of all households that can afford to purchase a median-priced single-family home in California, fell in the second quarter, the California Association of Realtors reported today.

Lower interest rates in the second quarter of 2014 failed to offset continued home price increases, lowering housing affordability around the state, CAR said in a statement.

The percentage of home buyers who could afford to purchase a median-priced existing single-family home in California fell from 33 percent in the first quarter of 2014 to 30 percent in the second quarter and was down from 36 percent in the second quarter of 2013, according to CAR’s Traditional Housing Affordability Index.

In the second quarter, home buyers needed to earn a minimum annual income of $93,590 to qualify for the purchase of a $457,140 single-family home.

The monthly payment, including taxes and insurance on a 30-year fixed-rate loan, would be $2,340, assuming a 20 percent down payment and an effective composite interest rate of 4.32 percent.

The median home price was $416,720 in the first quarter of 2014, and an annual income of $86,420 was needed to purchase a home at that price.

During the second quarter of 2014, the three most affordable counties in California were Kings (64 percent), San Bernardino (58 percent), and Merced (57 percent). The least affordable counties were San Francisco, San Mateo, and Marin (all at 14 percent), CAR said.

Only Monterey County experienced an improvement in housing affordability from the previous quarter, largely due to a lower median home price, according to Los Angeles-based CAR.

in News
Related Posts

Cafe Closes Its Doors at Santa Monica Place Location

October 1, 2020

October 1, 2020

Italian cafe in Santa Monica Place appears to have closed, though signage remains By Toi Creel Ugo Café in Santa...

Edify TV: Avoiding a ‘Twindemic’

September 30, 2020

September 30, 2020

Local officials are trying to avoid a double dose of hospitalizations from the flu and coronavirus being coined a ‘Twindemic.’...

Edify TV: Westside Colleges to Remain Remote for Foreseeable Future

September 30, 2020

September 30, 2020

Westside college campuses, closed amid the COVID-19 pandemic, will likely remain closed for the foreseeable future. Learn more in this...

BREAKING: Santa Monica City Council Approves Miramar Expansion

September 30, 2020

September 30, 2020

Project moves forward by 4-2 vote By Sam Catanzaro Santa Monica City Council has approved plans that have been in...

Santa Monica Walk to End Alzheimer’s

September 29, 2020

September 29, 2020

Alzheimer’s Association encouraging residents to walk in small groups amid COVID-19 The Alzheimer’s Association is inviting Santa Monica residents to...

Lawsuit Filed Against Plaza Development

September 28, 2020

September 28, 2020

Slow-growth group says City is violating Surplus Land Act By Sam Catanzaro A slow-growth group has filed a lawsuit to...

City Of Santa Monica Being Sued Over Proposed Plaza Project: Santa Monica Beat – September, 28, 2020

September 28, 2020

September 28, 2020

Local news and culture in under 5 minutes. * Santa Monica Being Sued Over Proposed Plaza Project. * LA Street...

Santa Monica Police Make Additional Arrests in Looting of REI

September 28, 2020

September 28, 2020

Marques Miles and Misty Jones arrested by Santa Monica Police Department Santa Monica police recently made additional arrests of two...

OpEd: The Miramar Project Will Be a New Architectural Jewel

September 27, 2020

September 27, 2020

The Miramar Hotel has been a central part of Santa Monica’s history and an integral part of the community for...

Edify TV: Trident Center Redevelopment

September 25, 2020

September 25, 2020

The Westside’s Trident Center is getting a major overhaul and new name as part of a flurry of development in...

Miramar Project to go Before City Council Tuesday

September 24, 2020

September 24, 2020

Councilmember Gleam Davis asks City Attorney whether she should rescue self from vote  By Sam Catanzaro  Santa Monica lawmakers will...

SMa.r.t. Column: Needed, A Heart Transplant

September 24, 2020

September 24, 2020

We have written about adaptive reuse in previous columns and have postulated that with proper incentives, the existing one, two...

Edify TV: Boulders Blocking Westside Encampment

September 24, 2020

September 24, 2020

City officials recently removed boulders placed on sidewalks by some Westside residents to prevent the formation of a homeless encampment....

Should Council Member Davis Recuse Herself From Voting? Santa Monica Beat – September, 24, 2020

September 24, 2020

September 24, 2020

Local news and culture in under 5 minutes. * Should Council Member Davis Recuse Herself From Voting? * Increases In...

SMC to Be Online for Winter and Spring 2021

September 24, 2020

September 24, 2020

College cites lack of available vaccine  By Sam Catanzaro Santa Monica College (SMC) has announced it will be delivering classes...