Housing Becoming Less Affordable

Real estate prices and interest rates are on the rise.

Both rising interest rates and higher-priced homes the first part of 2015 are lessening home affordability for would-be homebuyers.

  • Only 30% of potential homebuyers can afford the average-priced, single-family residence
  • The median price of a single-family home is $485,100
  • To qualify for a home loan to buy such a home, the average annual income needed is $96,160
  • The median-priced home requires a monthly payment of $2,404 (which includes taxes and insurance on a 30-year, fixed-rate loan)

PricesontheUptickInfographic from CALIFORNIA ASSOCIATION OF REALTORS.

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