Press release
Realtor.com® April Housing Report: The Required Household Income to Purchase a Home Exceeds $250,000 in Four California Metros
The South Leads the Way in Affordable Inventory Growth SANTA CLARA, Calif., May 2, 2024 /PRNewswire/ -- According to the Realtor.com® April housing data, the
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[{"type":"text","content":"The South Leads the Way in Affordable Inventory Growth\nSANTA CLARA, Calif., May 2, 2024 /PRNewswire/ -- According to the Realtor.com® April housing data, the national required household income to purchase the median priced home rose to $116,000, up $5,900 from a year ago, after accounting for the cost of tax and insurance. For hopeful buyers in California's major metros of Los Angeles, San Diego, San Francisco and San Jose the household income required to purchase the median-priced home is over double the national figure.\n\nApril 2024 Housing Metrics – National\nMetric\nChange over Apr 2023\nChange over Apr 2019\nMedian listing price\n+0% (to $430,000)\n+36.5 %\nActive listings\n+30.4 %\n-35.4 %\nNew listings\n+12.1 %\n-21.8 %\nMedian days on market\n+1 days (to 47 days)\n -7 days\nShare of active listings with price reductions\n+3.2 percentage points \n(to 15.5%)\n+1.0 percentage points\n\"California is a fascinating market not only because the income-required figures are an eye-popping quarter of a million dollars, but because it is a microcosm of the variety we're seeing in housing markets nationally,\" said Danielle Hale, Chief Economist, Realtor.com®. \"In areas like San Francisco home prices have fallen enough to offset rising mortgage rates, and the income needed to buy a home has dropped. In other markets, like San Jose and Sacramento, home price declines have been more modest and rising mortgage rates have pushed required incomes higher despite lower home prices. And finally, the majority of major U.S. markets see trends like we're seeing in Southern California. In Los Angeles, Riverside, and San Diego rising home prices and mortgage rates have combined to push required incomes higher—in some cases like in these California markets, up by double-digits compared to one year ago.\"\nBuying in California Comes at a PriceSix metros across the country required a household income of over $200,000, with California's largest metros leading the pack: San Jose (household income $361,000), Los Angeles (household income $298,000), San Diego (household income $259,000) and San Francisco (household income $256,000). The major East coast hubs of Boston (household income $226,000) and New York (household income $218,000) closely followed. \nCounter to the larger household income required to purchase the median-priced home in the major...