First Quarter 2021 California Home Affordability

The California Association of Realtors reported that 27% of householdscould afford to purchase a $740,490 median-priced home in the first quarter of 2021, down from 35% in the first quarter of 2020, and unchanged from the fourth-quarter of 2020.

A median income of $131,200 was needed to make a monthly payment of $3,280. That included principal, interest and taxes on a 30-year fixed-rate mortgage at a rate of 3.08%.

Condominiums and townhomes were more affordable. 40% of households were able to purchase a median price condo or townhome. It  required an annual income of $97,600 to make the monthly payment of $2,440.

Below is regional data for Southern California affordability.