15% of locals had the financial muscle to pull off a purchase to start 2024 vs. 37% nationally.
Southern Californians need twice the annual income of a U.S. homebuyer to qualify for a typical house.My trusty spreadsheet found this mortgage-qualifying standard has grown by $54,800, or 38%, since 2022’s first quarter. That’s when the Federal Reserve started its
This translates to an incredibly high financial bar for the locals, escpecially when you note that Southern California household incomes are just 16% higher than the nation – $86,000 vs. $74,000. So over two years, a borrower’s purchasing power was slashed by 28%. That loss was also compounded by Southern California home prices, which rose 7% in the same period.
Oh, and the Realtor math assumes a buyer spends only 30% of their income on house payments – and puts 20% down as part of the purchase. This means a house hunter also must find $157,000 for the down payment.Southern California’s affordability problem translates to shockingly few home sales.
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