According to the California Association of Realtors(r), "Home buyers needed to earn a minimum annual income of $65,810 to qualify for the purchase of a $339,860 statewide median-priced, existing single-family home in the third quarter of 2012. The monthly payment, including taxes and insurance on a 30-year fixed-rate loan, would be $1,650, assuming a 20 percent down payment and an effective composite interest rate of 3.72 percent. The effective composite interest rate in second-quarter 2012 was 3.92 percent and 4.63 percent in the third quarter of 2011."
To see the how more affordable a home is now in California, below is a chart detailing home prices since 2006.
Year Quarter
|
Housing
Affordability
Index CA SFH
|
Median Home
Price
|
Monthly Payment Including Taxes & Insurance
|
Minimum
Qualifying Income
|
Interest Rate
|
| 2006 Q1 |
13
|
$ 548,810 | $ 3,375 | $ 135,019 |
6.39%
|
| 2006 Q2 |
12
|
$ 566,800 | $ 3,557 | $ 142,270 |
6.63%
|
| 2006 Q3 |
12
|
$ 561,560 | $ 3,563 | $ 142,504 |
6.76%
|
| 2006 Q4 |
12
|
$ 561,430 | $ 3,490 | $ 139,618 |
6.52%
|
| 2007 Q1 |
13
|
$ 562,970 | $ 3,470 | $ 138,818 |
6.42%
|
| 2007 Q2 |
11
|
$ 592,420 | $ 3,668 | $ 146,701 |
6.47%
|
| 2007 Q3 |
11
|
$ 574,080 | $ 3,639 | $ 145,559 |
6.75%
|
| 2007 Q4 |
18
|
$ 492,490 | $ 3,039 | $ 121,542 |
6.43%
|
| 2008 Q1 |
26
|
$ 418,230 | $ 2,493 | $ 99,737 |
6.03%
|
| 2008 Q2 |
29
|
$ 386,370 | $ 2,325 | $ 93,017 |
6.14%
|
| 2008 Q3 |
34
|
$ 341,750 | $ 2,107 | $ 84,269 |
6.42%
|
| 2008 Q4 |
43
|
$ 293,960 | $ 1,753 | $ 70,102 |
6.03%
|
| 2009 Q1 |
55
|
$ 247,630 | $ 1,368 | $ 54,708 |
5.16%
|
| 2009 Q2 |
53
|
$ 263,580 | $ 1,438 | $ 57,506 |
5.02%
|
| 2009 Q3 |
48
|
$ 291,000 | $ 1,627 | $ 65,096 |
5.30%
|
| 2009 Q4 |
47
|
$ 303,490 | $ 1,661 | $ 66,452 |
5.06%
|
| 2010 Q1 |
50
|
$ 288,020 | $ 1,580 | $ 63,230 |
5.09%
|
| 2010 Q2 |
46
|
$ 316,090 | $ 1,732 | $ 69,273 |
5.07%
|
| 2010 Q3 |
46
|
$ 316,900 | $ 1,692 | $ 67,660 |
4.78%
|
| 2010 Q4 |
50
|
$ 302,820 | $ 1,593 | $ 63,722 |
4.62%
|
| 2011 Q1 |
53
|
$ 278,520 | $ 1,500 | $ 60,110 |
4.90%
|
| 2011 Q2 |
51
|
$ 294,850 | $ 1,584 | $ 63,352 |
4.85%
|
| 2011 Q3 |
51
|
$ 293,380 | $ 1,545 | $ 61,792 |
4.63%
|
| 2011 Q4 |
55
|
$ 282,560 | $ 1,440 | $ 57,740 |
4.30%
|
| 2012 Q1 |
56
|
$ 279,160 | $ 1,410 | $ 56,320 |
4.16%
|
| 2012 Q2 |
51
|
$ 316,260 | $ 1,560 | $ 62,400 |
3.92%
|
| 2012 Q3 |
49
|
$ 339,860 | $ 1,650 | $ 65,810 |
3.72%
|
