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California Housing Affordability Tracker (3rd Quarter 2024) October 23, 2024
Our post provides an updated snapshot of housing affordability in California. Over the last few years, we have seen a rapid increase in California housing costs, led by the dramatic increase in the costs of purchasing a home. While recent interest rate declines have led to a slight moderation in costs, they remain high relative to pre-pandemic levels. Monthly costs for a newly purchased home are about $2,400 higher than they were just a few years ago. Annual income needed to qualify for a typical home is about $221,000—over 2 times higher than median household income (about $96,500).