The October Housing Affordability Index (HAI) increased by one percentage point from September when it stood at a revised 24 points. C.A.R.'s monthly housing affordability index measures the percentage of households that can afford to purchase a median-priced home in California. C.A.R. also reports housing affordability indexes for regions and select counties within the state. The index is the most fundamental measure of housing well-being in the state.

The minimum household income needed to purchase a median-priced home at $381,200 in California in October was $89,340, based on a typical 30-year, fixed-rate mortgage at 5.83 percent and assuming a 20 percent downpayment. The minimum household income needed to purchase a median-priced home was up from $78,160 in October 2002, when the median price of a home was $324,670 and the prevailing interest rate was 6.14 percent. The minimum household income needed to purchase a median-priced home at $172,400 in the U.S. in October was $40,410.