More Can Afford Median-Priced Homes

The percentage of California households able to afford median-priced homes increased from a year earlier for the first time in 23 months in February because of lower interest rates, according to an industry report. The California Assn. of Realtors’ housing affordability index for February stood at 35%, up one point from February 2000. The index has been rising month-to-month since October. The percentage is still less than the national figure of 57%. San Francisco, where 11% of households can afford median-priced homes, remained the least affordable county in the state, followed by San Mateo County at 14% and Contra Costa and Santa Cruz counties at 15%. In Southern California, 37% of households in Los Angeles and Ventura counties could afford median-priced homes; followed by 28% in Orange County and 25% in San Diego County. The most affordable region in the state remains the high desert, where 64% of households can afford a median-priced home.