Southern California Sees Small Improvement In Housing Affordability
LOS ANGELES (CBSLA) -- Housing affordability is slightly improving across Southern California, experts said on Wednesday.
The California Association of Realtors said that throughout all regions, more residents were able to afford purchases in the second quarter of 2020 than more recent quarters.
Throughout the Los Angeles Metropolitan Area, realtors said 32% of residents could afford to purchase the $581,000 median-priced home, up from 31% of residents in the first quarter of 2020 and 29% in the second quarter of 2019.
For Orange County, 25% of residents could afford to purchase the $859,000 median-priced home in the second quarter, which was also an increase from the first quarter of 2020 and second quarter of 2019.
Numbers varied statewide, with 33% percent of households could afford to purchase the $610,850 median-priced home in the second quarter, down from 35% in the first quarter and up from 30% a year ago.
Housing affordability for condo and townhomes in California has not changed from the first quarter of 2020, with 44% of households having earned the minimum income to qualify for purchases.
Despite the slight improvement in housing affordability, the California Association of Realtors said higher home prices and lower household income still puts some potential buyers at a disadvantage.
The complete report can be found at www.car.org/en/aboutus/mediacenter/newsreleases/2020releases/2qtr2020affordability.
(© Copyright 2020 CBS Broadcasting Inc. All Rights Reserved. City News Service contributed to this report.)