Mild Drop in Housing Affordability

Housing affordability in San Bernardino and Riverside counties fell slightly during the third quarter year-over-year, a pattern that prevailed throughout most of the state.

Thirty nine percent of the households in Riverside County could afford the median-priced home in that region – $335,460 – during the third quarter, down from 41 percent during the same period in 2014, according to the California Association of Realtors.

In San Bernardino County, 54 percent of the households last quarter could afford the median home price of $230,210, down from 57 percent in July, August and September of 2014, the association reported recently.

Statewide, 29 percent of all households could afford the state’s median home price of $487,420, unchanged from one year earlier.

A minimum yearly income of $98,350 was needed to make monthly payments of $2,460 on a 30-year fixed-rate mortgage, assuming an interest rate of 4.1 percent.

In all, 19 metropolitan regions, including Los Angeles and San Diego counties, saw their housing affordability drop during the third quarter, while five regions broke even and two saw improvement.

Thirty eight percent of all households statewide were able to afford afford a condominium or townhouse during the third quarter – median price $390,740 – unchanged year-over-year.