California housing affordability shrinks in first-quarter 2022 as home prices set record highs and interest rates rise, C.A.R. reports
The percentage of home buyers who could afford to purchase a median-priced, existing single-family home in California in first-quarter 2022 ticked down to 24 percent from 25 percent in the fourth quarter of 2021 and was down from 27 percent in the first quarter of 2021, according to C.A.R.’s Traditional Housing Affordability Index (HAI). The first-quarter 2022 figure is less than half of the affordability index peak of 56 percent in the first quarter of 2012. C.A.R.’s HAI measures the percentage of all households that can afford to purchase a median-priced, single-family home in California. C.A.R. also…
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