California property officially the most affordable its ever beenCalifornia housing has never been more affordable in the history of US real estate, according to the California Association of Realtors.
A staggering rise in the state's affordability saw the percentage of home buyers who could afford a property to 56 per cent in the first quarter of 2012 - up from 55 per cent at the end of 2011 and the highest figure since 1988, when CAR began the Housing Affordability Index.
The association attributed the increase to record-low interest rates and stabilised house prices.
In the San Francisco Bay Area, housing affordability rose or remained stable in all counties except Contra Costa County, where affordability declined by one percentage point. At 78 percent, San Bernardino County was the most affordable, while San Francisco County was the least affordable, with only 29 percent of households able to purchase the county's median-priced home.
The index, which measures the number of households that can afford to buy a median-priced, single-family home in California, is considered the most fundamental measure of housing well-being for home buyers in the state.