Report says $127,200 minimum income needed to purchase a home in San Bernardino County 

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SAN BERNARDINO COUNTY – The California Association of Realtors (CAR) published, Friday, their Housing Affordability Index (HAI) report noting that the minimum income needed to purchase a home in San Bernardino County is $127,200 – with an average monthly payment of $3,180.

CAR says housing affordability is now at its lowest point since 2007. 

According to the report housing affordability has decreased for the second consecutive quarter due to interest rates over 7% and rising home prices. This means it has become more challenging for people to afford homes in the state.

15% of Californians could afford $843,600 median home price 

CAR’s HAI measures the percentage of all households that can afford to purchase a median-priced, single-family home in California.

The report found that 15% of California households could afford to purchase the $843,600 median-priced home in the third quarter of 2023, down from 16% in second-quarter 2023.

In addition, a minimum annual income of $221,200 was needed to make monthly payments of $5,530, including principal, interest and taxes on a 30-year fixed-rate mortgage at a 7.14% interest rate.

3rd Quarter 2023 CAR Housing Affordability Index

STATE/REGION/COUNTYQtr. 3 2023Qtr. 2 2023Qtr. 3 2022Median

Home Price

Monthly

Payment

Including

Taxes & 

Insurance

Minimum

Qualifying

Income

Calif. Single-family home151618$843,600$5,530$221,200
Calif. Condo/Townhome232528$650,000$4,260$170,400
Los Angeles Metro Area141719$789,000$5,170$206,800
Inland Empire202225$565,000$3,700$148,000
San Francisco Bay Area191920$1,275,000$8,350$334,000
San Francisco Bay Area
Alameda161617$1,275,000$8,350$334,000
Contra Costa222326$870,000$5,700$228,000
Marin181618$1,590,000$10,150$416,400
Napa151914$942,500$6,170$246,800
San Francisco212020$1,550,000$10,150$406,000
San Mateo171719$1,970,000$12,900$516,000
Santa Clara 171820$1,850,000$12,120$484,800
Solano242629$595,000$3,900$156,000
Sonoma151619$850,000$5,570$222,800
Southern California
Los Angeles111514$897,610$5,880$235,200
Orange111213$1,305,000$8,550$342,000
Riverside192023$610,000$4,000$160,000
San Bernardino253031$485,000$3,180$127,200
San Diego111315$978,500$6,410$256,400
Ventura131417$925,000$6,060$242,400
Central Coast
Monterey91213$918,000$6,010$240,400
San Luis Obispo101113$865,000$5,670$226,800
Santa Barbara101012$1,090,000$7,140$285,600
Santa Cruz131314$1,243,500$8,140$325,600
Central Valley
Fresno272932$420,000$2,750$110,000
Glenn303234$355,000$2,330$93,200
Kern283134$390,000$2,550$102,000
Kings273240$380,000$2,490$99,600
Madera293134$425,000$2,780$111,200
Merced303134$386,000$2,530$101,200
Placer272930$665,000$4,360$174,400
Sacramento232629$542,000$3,550$142,000
San Benito161920$753,750$4,940$197,600
San Joaquin232627$545,000$3,570$142,800
Stanislaus242730$468,100$3,070$122,800
Tulare303336$375,000$2,460$98,400
Far North
Butte282930$430,710$2,820$112,800
Lassen585256$212,500$1,390$55,600
Plumas313828$409,500$2,680$107,200
Shasta353539$379,250$2,480$99,200
Siskiyou343931$300,000$1,960$78,400
Tehama393539$315,000$2,060$82,400
Other Calif. Counties
Amador262834$460,000$3,010$120,400
Calaveras272732$483,000$3,160$126,400
Del Norte283027$377,500$2,470$98,800
El Dorado 232327$665,000$4,360$174,400
Humboldt232523$437,500$2,870$114,800
Lake302833$320,000$2,100$84,000
Mariposa162421$464,500$3,040$121,600
Mendocino151718$527,500$3,460$138,400
Mono558$940,000$6,160$246,400
Nevada232525$563,150$3,690$147,600
Sutter313332$425,000$2,780$111,200
Tuolumne313235$415,000$2,720$162,400
Yolo232325$620,000$4,060$162,400
Yuba262629$426,950$2,800$112,000

 

California compared to nationwide affordability

The CAR report says more than a third of the nation’s households could afford to purchase a $406,900 median-priced home, which required a minimum annual income of $106,800 to make monthly payments of $2,670.

Mortgage rates in 2024

Housing market authorities predict mortgage rates will remain where they are – 7% to 8% in the coming months. 

According to CNET, economic data shows signs of progress in the fight against inflation, however, the Federal Reserve won’t consider cutting rates until it feels confident that inflation is steady at its target annual rate of 2%. It might not be until mid-2024 when mortgage rates move closer to 6%. 

RELATED: California Association of Realtors provides additional funding for $10,000 closing cost grant

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