Report: Most Yuba-Sutter residents can't afford homes

Robert Summa, Appeal-Democrat, Marysville, Calif.
·4 min read

May 17—According to a recent report by the California Association of Realtors, the overwhelming majority of residents in both Yuba and Sutter counties cannot afford median-priced homes in the region.

Based on a California housing affordability report for the first quarter of 2022, only 33 percent of Yuba County residents and 39 percent of Sutter County residents could afford a home.

In all of California, 24 percent of households could afford to purchase a $797,000 median-priced home in the first quarter of 2022, down from 25 percent in the fourth quarter of 2021 and down from 27 percent in the first quarter of 2021.

While slightly better than all of California, most Yuba County residents do not make enough to purchase a median-priced home in the county.

According to data released by the California Association of Realtors, the median home price in Yuba County for the first quarter of 2022 was $430,000. The minimum qualifying income to afford a house at that price is $85,200. According to the 2020 Census, the median household income in Yuba County is $59,424.

"Housing affordability declined the most on a year-over-year basis in Yuba (County), dropping 12 points from the previous year," said the California Association of Realtors. "Four other counties that also recorded double-digit annual drops include Plumas (-11 points), Tuolumne (-11 points), Tehama (-10 points), and Yolo (-10 points). Higher interest rates and home price surges from a year ago were primary factors that led to the drop in affordability in these counties."

In Sutter County, the median home price for the first quarter of 2022 was $426,000. The minimum qualifying income to afford a house at that price is $84,400. According to the 2020 Census, the median household income in Sutter County is $63,502. A year ago, 45 percent of county residents could afford a median-priced home.

"Compared with California, nearly half of the nation's households could afford to purchase a $368,200 median-priced home, which required a minimum annual income of $73,200 to make monthly payments of $1,830," said the California Association of Realtors. "Nationwide affordability was down from 54 percent a year ago."

According to the California Association of Realtors, other findings from the first-quarter 2022 Housing Affordability report include: — Compared to the previous quarter, housing affordability in the first quarter of 2022 declined in all but two of 51 counties. Affordability was improved in Mendocino County and remained unchanged in Humboldt County. — In the nine-county San Francisco Bay Area, affordability declined from the previous quarter in all counties. Alameda County was the least affordable Bay Area county, at just 17 percent of households able to purchase the $1,370,500 median-priced home. Thirty-seven percent of Solano County households could afford the $600,000 median-priced home, making it the most affordable Bay Area county. — In the Southern California region, housing affordability deteriorated in all counties. Orange County was the least affordable at 13 percent, while San Bernardino County was the most affordable at 39 percent of households able to purchase the $460,000 median-priced home. — In the Central Valley region, Kings County was the most affordable at 51 percent, and San Benito was the least affordable at 24 percent. — In the Central Coast region, Santa Barbara County was the least affordable at 12 percent, and San Luis Obispo County was the most affordable at 18 percent. — For the state as a whole, Lassen (61 percent) remained the most affordable county in California in the first quarter of 2022, followed by Kings (51 percent), Shasta (42 percent) and Siskiyou (42 percent). Lassen also required the lowest minimum qualifying income ($48,400) of all counties in California to purchase a median-priced home. — Mono (7 percent), Santa Barbara (12 percent), Santa Cruz (13 percent) and Orange (13 percent) were the least affordable counties in the state, with each of them requiring at least a minimum income of $205,600 to purchase a median-priced home in the county. San Mateo had the highest minimum qualifying income to buy a median-priced home in first-quarter 2022, surpassing the $400,000 benchmark for the first time and reaching a record high at $435,200. Three other counties in California that also had a minimum qualifying income of over $300,000 in first-quarter 2022 were Santa Clara ($371,600), San Francisco ($366,800), and Marin ($329,200).