• Resources
  • Blog
  • Journalists
  • Log In
  • Sign Up
  • Data Privacy
  • Send a Release
Cision PR Newswire: news distribution, targeting and monitoring home
  • News
  • Products
  • Contact

 

When typing in this field, a list of search results will appear and be automatically updated as you type.

Searching for your content...

No results found. Please change your search terms and try again.
  • News in Focus
      • Browse News Releases

      • All News Releases
      • All Public Company
      • English-only
      • News Releases Overview

      • Multimedia Gallery

      • All Multimedia
      • All Photos
      • All Videos
      • Multimedia Gallery Overview

      • Trending Topics

      • All Trending Topics
  • Business & Money
      • Auto & Transportation

      • All Automotive & Transportation
      • Aerospace, Defense
      • Air Freight
      • Airlines & Aviation
      • Automotive
      • Maritime & Shipbuilding
      • Railroads and Intermodal Transportation
      • Supply Chain/Logistics
      • Transportation, Trucking & Railroad
      • Travel
      • Trucking and Road Transportation
      • Auto & Transportation Overview

      • View All Auto & Transportation

      • Business Technology

      • All Business Technology
      • Blockchain
      • Broadcast Tech
      • Computer & Electronics
      • Computer Hardware
      • Computer Software
      • Data Analytics
      • Electronic Commerce
      • Electronic Components
      • Electronic Design Automation
      • Financial Technology
      • High Tech Security
      • Internet Technology
      • Nanotechnology
      • Networks
      • Peripherals
      • Semiconductors
      • Business Technology Overview

      • View All Business Technology

      • Entertain­ment & Media

      • All Entertain­ment & Media
      • Advertising
      • Art
      • Books
      • Entertainment
      • Film and Motion Picture
      • Magazines
      • Music
      • Publishing & Information Services
      • Radio & Podcast
      • Television
      • Entertain­ment & Media Overview

      • View All Entertain­ment & Media

      • Financial Services & Investing

      • All Financial Services & Investing
      • Accounting News & Issues
      • Acquisitions, Mergers and Takeovers
      • Banking & Financial Services
      • Bankruptcy
      • Bond & Stock Ratings
      • Conference Call Announcements
      • Contracts
      • Cryptocurrency
      • Dividends
      • Earnings
      • Earnings Forecasts & Projections
      • Financing Agreements
      • Insurance
      • Investments Opinions
      • Joint Ventures
      • Mutual Funds
      • Private Placement
      • Real Estate
      • Restructuring & Recapitalization
      • Sales Reports
      • Shareholder Activism
      • Shareholder Meetings
      • Stock Offering
      • Stock Split
      • Venture Capital
      • Financial Services & Investing Overview

      • View All Financial Services & Investing

      • General Business

      • All General Business
      • Awards
      • Commercial Real Estate
      • Corporate Expansion
      • Earnings
      • Environmental, Social and Governance (ESG)
      • Human Resource & Workforce Management
      • Licensing
      • New Products & Services
      • Obituaries
      • Outsourcing Businesses
      • Overseas Real Estate (non-US)
      • Personnel Announcements
      • Real Estate Transactions
      • Residential Real Estate
      • Small Business Services
      • Socially Responsible Investing
      • Surveys, Polls and Research
      • Trade Show News
      • General Business Overview

      • View All General Business

  • Science & Tech
      • Consumer Technology

      • All Consumer Technology
      • Artificial Intelligence
      • Blockchain
      • Cloud Computing/Internet of Things
      • Computer Electronics
      • Computer Hardware
      • Computer Software
      • Consumer Electronics
      • Cryptocurrency
      • Data Analytics
      • Electronic Commerce
      • Electronic Gaming
      • Financial Technology
      • Mobile Entertainment
      • Multimedia & Internet
      • Peripherals
      • Social Media
      • STEM (Science, Tech, Engineering, Math)
      • Supply Chain/Logistics
      • Wireless Communications
      • Consumer Technology Overview

      • View All Consumer Technology

      • Energy & Natural Resources

      • All Energy
      • Alternative Energies
      • Chemical
      • Electrical Utilities
      • Gas
      • General Manufacturing
      • Mining
      • Mining & Metals
      • Oil & Energy
      • Oil and Gas Discoveries
      • Utilities
      • Water Utilities
      • Energy & Natural Resources Overview

      • View All Energy & Natural Resources

      • Environ­ment

      • All Environ­ment
      • Conservation & Recycling
      • Environmental Issues
      • Environmental Policy
      • Environmental Products & Services
      • Green Technology
      • Natural Disasters
      • Environ­ment Overview

      • View All Environ­ment

      • Heavy Industry & Manufacturing

      • All Heavy Industry & Manufacturing
      • Aerospace & Defense
      • Agriculture
      • Chemical
      • Construction & Building
      • General Manufacturing
      • HVAC (Heating, Ventilation and Air-Conditioning)
      • Machinery
      • Machine Tools, Metalworking and Metallurgy
      • Mining
      • Mining & Metals
      • Paper, Forest Products & Containers
      • Precious Metals
      • Textiles
      • Tobacco
      • Heavy Industry & Manufacturing Overview

      • View All Heavy Industry & Manufacturing

      • Telecomm­unications

      • All Telecomm­unications
      • Carriers and Services
      • Mobile Entertainment
      • Networks
      • Peripherals
      • Telecommunications Equipment
      • Telecommunications Industry
      • VoIP (Voice over Internet Protocol)
      • Wireless Communications
      • Telecomm­unications Overview

      • View All Telecomm­unications

  • Lifestyle & Health
      • Consumer Products & Retail

      • All Consumer Products & Retail
      • Animals & Pets
      • Beers, Wines and Spirits
      • Beverages
      • Bridal Services
      • Cannabis
      • Cosmetics and Personal Care
      • Fashion
      • Food & Beverages
      • Furniture and Furnishings
      • Home Improvement
      • Household, Consumer & Cosmetics
      • Household Products
      • Jewelry
      • Non-Alcoholic Beverages
      • Office Products
      • Organic Food
      • Product Recalls
      • Restaurants
      • Retail
      • Supermarkets
      • Toys
      • Consumer Products & Retail Overview

      • View All Consumer Products & Retail

      • Entertain­ment & Media

      • All Entertain­ment & Media
      • Advertising
      • Art
      • Books
      • Entertainment
      • Film and Motion Picture
      • Magazines
      • Music
      • Publishing & Information Services
      • Radio & Podcast
      • Television
      • Entertain­ment & Media Overview

      • View All Entertain­ment & Media

      • Health

      • All Health
      • Biometrics
      • Biotechnology
      • Clinical Trials & Medical Discoveries
      • Dentistry
      • FDA Approval
      • Fitness/Wellness
      • Health Care & Hospitals
      • Health Insurance
      • Infection Control
      • International Medical Approval
      • Medical Equipment
      • Medical Pharmaceuticals
      • Mental Health
      • Pharmaceuticals
      • Supplementary Medicine
      • Health Overview

      • View All Health

      • Sports

      • All Sports
      • General Sports
      • Outdoors, Camping & Hiking
      • Sporting Events
      • Sports Equipment & Accessories
      • Sports Overview

      • View All Sports

      • Travel

      • All Travel
      • Amusement Parks and Tourist Attractions
      • Gambling & Casinos
      • Hotels and Resorts
      • Leisure & Tourism
      • Outdoors, Camping & Hiking
      • Passenger Aviation
      • Travel Industry
      • Travel Overview

      • View All Travel

  • Policy & Public Interest
      • Policy & Public Interest

      • All Policy & Public Interest
      • Advocacy Group Opinion
      • Animal Welfare
      • Congressional & Presidential Campaigns
      • Corporate Social Responsibility
      • Domestic Policy
      • Economic News, Trends, Analysis
      • Education
      • Environmental
      • European Government
      • FDA Approval
      • Federal and State Legislation
      • Federal Executive Branch & Agency
      • Foreign Policy & International Affairs
      • Homeland Security
      • Labor & Union
      • Legal Issues
      • Natural Disasters
      • Not For Profit
      • Patent Law
      • Public Safety
      • Trade Policy
      • U.S. State Policy
      • Policy & Public Interest Overview

      • View All Policy & Public Interest

  • People & Culture
      • People & Culture

      • All People & Culture
      • Aboriginal, First Nations & Native American
      • African American
      • Asian American
      • Children
      • Diversity, Equity & Inclusion
      • Hispanic
      • Lesbian, Gay & Bisexual
      • Men's Interest
      • People with Disabilities
      • Religion
      • Senior Citizens
      • Veterans
      • Women
      • People & Culture Overview

      • View All People & Culture

      • In-Language News

      • Arabic
      • español
      • português
      • Česko
      • Danmark
      • Deutschland
      • España
      • France
      • Italia
      • Nederland
      • Norge
      • Polska
      • Portugal
      • Россия
      • Slovensko
      • Suomi
      • Sverige
  • Overview
  • Distribution by PR Newswire
  • Cision Communications Cloud®
  • Cision IR
  • Sponsored Placement
  • All Products
  • General Inquiries
  • Request a Demo
  • Editorial Bureaus
  • Partnerships
  • Media Inquiries
  • Worldwide Offices
  • PR Newswire: news distribution, targeting and monitoring
  • Send a Release
    • ALL CONTACT INFO
    • Contact Us

      888-776-0942
      from 8 AM - 10 PM ET

  • Send a Release
  • Sign Up
  • Log In
  • Resources
  • Blog
  • Journalists
  • RSS
  • GDPR
  • News in Focus
    • Browse All News
    • Multimedia Gallery
    • Trending Topics
  • Business & Money
    • Auto & Transportation
    • Business Technology
    • Entertain­ment & Media
    • Financial Services & Investing
    • General Business
  • Science & Tech
    • Consumer Technology
    • Energy & Natural Resources
    • Environ­ment
    • Heavy Industry & Manufacturing
    • Telecomm­unications
  • Lifestyle & Health
    • Consumer Products & Retail
    • Entertain­ment & Media
    • Health
    • Sports
    • Travel
  • Policy & Public Interest
  • People & Culture
    • People & Culture
  • Send a Release
  • Sign Up
  • Log In
  • Resources
  • Blog
  • Journalists
  • RSS
  • GDPR
  • Overview
  • Distribution by PR Newswire
  • Cision Communications Cloud®
  • Cision IR
  • All Products
  • Send a Release
  • Sign Up
  • Log In
  • Resources
  • Blog
  • Journalists
  • RSS
  • GDPR
  • General Inquiries
  • Request a Demo
  • Editorial Bureaus
  • Partnerships
  • Media Inquiries
  • Worldwide Offices
  • Send a Release
  • Sign Up
  • Log In
  • Resources
  • Blog
  • Journalists
  • RSS
  • GDPR

Housing affordability for Black California households is half that of whites, illustrating persistent wide homeownership gap and wealth disparities, C.A.R. reports

- Less than one in five Black California households could afford to purchase the $659,380 statewide median-priced home in 2020, compared to two in five white California households who could afford to purchase the same median-priced home.

- At an affordability index of 20 percent, the affordability gap was similarly wide for Latinx households.

- A minimum annual income of $122,800 was needed to make monthly payments of $3,070, including principal, interest, and taxes on a 30-year fixed-rate mortgage at a 3.30 percent interest rate.

CALIFORNIA ASSOCIATION OF REALTORS (PRNewsFoto/C.A.R.)

News provided by

CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.)

Feb 17, 2021, 12:10 ET

Share this article

Share this article


LOS ANGELES, Feb. 17, 2021 /PRNewswire/ -- Less than half of Black households earned the minimum income needed to purchase a home as compared to whites, illustrating the homeownership gap and wealth disparity for people of color, women, people with disabilities, indigenous people and members of the LGBTQ community, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) https://www.car.org/ said today.

The percentage of Black home buyers who could afford to purchase a median-priced, existing single-family home in California in 2020 was 19 percent, compared to 38 percent for white households. Housing affordability was similarly low for Latinx households, with 20 percent earning the minimum income needed to purchase a median-priced home. Housing was most affordable for Asians, with 43 percent of homebuyers who could afford the median-priced home in 2020, according to C.A.R.'s Housing Affordability Index.

According to the Census Bureau's American Community Survey, the 2019 homeownership rate in California was 63.2 percent for whites, 60.2 percent for Asians, 44.1 percent for Latinx and 36.8 percent for Blacks.

"The wide affordability gap in California between whites and people of color demonstrates the legacy of systemic racism in housing, which has created inequities in homeownership rates across these communities," said C.A.R. President Dave Walsh. "Closing the homeownership gap is essential to closing the generational wealth gap in our country, and that's why C.A.R. is committed to addressing barriers and disparities to make equity in housing and access to affordable homes a reality for all people."

Among legislative actions C.A.R. is taking to address housing discrimination is introducing several Fair Housing and Equity bills including:

  • requiring California real estate professionals to take implicit bias training
  • removing discriminatory language in property records
  • prohibiting discrimination against people living in affordable housing
  • repealing Article 34 of the California Constitution
  • boosting housing construction so homeownership is accessible to all

C.A.R.'s Housing Affordability Index (HAI) measures the percentage of households that can afford to purchase a median-priced, single-family home in California. C.A.R. also reports affordability indices for regions and select counties within the state. The index is considered the most fundamental measure of housing well-being for home buyers in the state.

A minimum annual income of $122,800 was needed to qualify for the purchase of a $659,380 statewide median-priced, existing single-family home in 2020. The monthly payment, including taxes and insurance on a 30-year, fixed-rate loan, would be $3,070, assuming a 20 percent down payment and an effective composite interest rate of 3.30 percent. The 2020 California median income for whites was $94,390, $107,100 for Asians, $65,510 for Latinx and $56,820 for Blacks.

The affordability gap is especially stark in expensive counties like San Francisco, where a median-priced home of $1,650,000 was only affordable for 8 percent of Black households, 15 percent of Latinx households and 22 percent of Asian households compared to 35 percent of white households.

Compared with California, 42 percent of the nation's Black households could afford to purchase a $299,900 median-priced home in 2020, which required a minimum annual income of $55,600 to make monthly payments of $1,390, while 62 percent of white households could afford the same home.

Multimedia:

  • Motiongraphic: https://car.sharefile.com/d-sc042045e452649a6b5b2707d9860aa1b
  • Slides: https://car.sharefile.com/d-sec537bfa26ec46639bd7c2fc7b2e0671

Key points from the 2020 Housing Affordability by Ethnicity report include:

  • Of the major regions for which C.A.R. tracks affordability by ethnicity, the affordability gap between Black and white households in 2020 was the greatest in San Francisco County with a differential of 27 percent.
  • Even in relatively affordable areas such as Fresno and Sacramento counties, the affordability differential between Black and white households was high at 23 percent and 22 percent, respectively.
  • For Latinx households, the affordability gap was the greatest in Santa Clara (21 percent gap), San Francisco, San Mateo and Los Angeles counties (all at 20 percent).
  • At an affordability index of 8 percent, San Francisco County was the least affordable for Black households, and San Bernardino County was the most affordable at 46 percent.
  • The least affordable county in 2020 for Latinx homebuyers was Santa Clara County, and the most affordable was San Bernardino County was the most affordable at 54 percent.
  • For white households, Orange County was the least affordable, with 29 percent of households earning the minimum income required, while Fresno was the most affordable at 61 percent.

Leading the way…® in California real estate for more than 110 years, the CALIFORNIA ASSOCIATION OF REALTORS® (www.car.org) is one of the largest state trade organizations in the United States with more than 200,000 members dedicated to the advancement of professionalism in real estate. C.A.R. is headquartered in Los Angeles.

CALIFORNIA ASSOCIATION OF REALTORS®

2020 Traditional Housing Affordability Index by Ethnicity


STATE/REGION/COUNTY

White, Non- Hispanic

Asian

Latinx

Black

Median Home Price

Monthly Payment Including Taxes & Insurance

Minimum Qualifying Income

Calif. Single-family home

38

43

20

19

$659,380

$3,070

$122,800

Calif. Condo/Townhome

51

56

33

30

$501,000

$2,330

$93,200

United States

62

70

51

42

$299,900

$1,390

$55,600









San Francisco Bay Area








Alameda

31

35

14

9

$1,010,000

$4,700

$188,000

Contra Costa

42

48

25

24

$752,000

$3,500

$140,000

San Francisco

35

22

15

8

$1,650,000

$7,680

$307,200

San Mateo

33

31

13

15

$1,700,000

$7,910

$316,400

Santa Clara

32

37

11

11

$1,385,000

$6,450

$258,000

Southern California








Los Angeles

38

35

19

17

$662,310

$3,080

$123,200

Orange

29

26

12

13

$900,000

$4,190

$167,600

Riverside

50

56

40

43

$460,000

$2,140

$85,600

San Bernardino

57

62

54

46

$348,000

$1,620

$64,800

San Diego

35

38

18

15

$710,000

$3,300

$132,000

Ventura

36

45

19

28

$725,000

$3,370

$134,800

Central Valley








Fresno

61

55

46

38

$314,000

$1,460

$58,400

Kern

59

68

42

40

$280,000

$1,300

$52,000

Sacramento

52

54

40

30

$421,000

$1,960

$78,400

NA = not available

SOURCE CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.)

Modal title

Also from this source

Housing group announces lawsuit against Beverly Hills over inadequate planning for housing

Housing group announces lawsuit against Beverly Hills over inadequate planning for housing


Interest rate reprieve bolsters December home sales, C.A.R. reports

Interest rate reprieve bolsters December home sales, C.A.R. reports

Explore

More news releases in similar topics

  • Residential Real Estate
  • Real Estate
  • U.S. State Policy

Contact Cision

  • Cision Distribution 888-776-0942
    from 8 AM - 9 PM ET

  • Chat with an Expert
  • General Inquiries
  • Request a Demo
  • Editorial Bureaus
  • Partnerships
  • Media Inquiries
  • Worldwide Offices

Products

  • Cision Communication Cloud®
  • For Marketers
  • For Public Relations
  • For IR & Compliance
  • For Agency
  • For Small Business
  • All Products

About

  • About PR Newswire
  • About Cision
  • Become a Publishing Partner
  • Become a Channel Partner
  • Careers
  • COVID-19 Resources
  • Accessibility Statement
  • Asia
  • Brazil
  • Canada
  • Czech
  • Denmark
  • Finland
  • France
  • Germany
  • India
  • Israel
  • Italy
  • Mexico
  • Middle East
  • Middle East - Arabic
  • Netherlands
  • Norway
  • Poland
  • Portugal
  • Russia
  • Slovakia
  • Spain
  • Sweden
  • United Kingdom

My Services

  • All New Releases
  • Online Member Center
  • ProfNet

Contact Cision

Products

About

My Services
  • All News Releases
  • Online Member Center
  • ProfNet
Cision Distribution Helpline
888-776-0942
  • Terms of Use
  • Privacy Policy
  • Information Security Policy
  • Site Map
  • RSS
  • Cookie Settings
Copyright © 2023 Cision US Inc.