Southern California average annual income needed to afford home

A new report explains how much money you need to make to be able to afford a home in Los Angeles, Orange, Riverside, San Bernardino and Ventura counties.

The California Association of Realtors released its housing affordability report and it showed homes in California were less affordable in the first quarter of 2017 than the first quarter of 2016.

But despite homes being less affordable, the report said higher household incomes and seasonal price declines helped to offset the costs and slightly increased the housing affordability index.

Here’s how much average annual income is needed to buy a home in Southern California, according to the California Association of Realtors:
– Orange County $154,120
– Ventura County $132,020
– Los Angeles County $99,830
– Riverside County $75,000
– San Bernardino County $52,790

The report said Los Angeles County’s housing affordability index increased this year, but Orange, Ventura, Riverside and San Bernardino counties saw a decrease.

San Francisco, Santa Barbara and San Mateo were the least affordable counties in the state, according to the report.

SOURCE: ABC7

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