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As of May 2017, rental unaffordability remains near an all-time high, but has improved modestly in many major markets in recent months. Buying a home continues to get more expensive, although homeownership remains somewhat less costly than during the peak of the housing bubble. 

The graphics below provide more detail on two common measures of housing affordability: median rents relative to median incomes and median home prices relative to median incomes. We present data for the California's eight largest metro areas.

Figure: rental affordability.

Figure: recent trends in rental affordability.

Figure: ownership affordability

Figure: recent trends in ownership affordability

Data Sources:

We thank Apartment List and Zillow for making public the timely home price and rent data used to develop this post.

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