As rent continues to hike and housing affordability remains low in California, capable tenants should consider purchasing a house sooner rather than later, based on the housing affordability index released last week by the California Association of Realtors (CAR). Housing affordability index is the percentage of people who can afford to buy a median-priced, single-family home. According to CAR, for 2021’s third quarter, 24 percent of Californian households can afford a median-priced home, about $815,000, which is a one percent increase from the second quarter. However, compared to the 28 percent in the same period last year, the current affordability index is still low. Economist: Better Buy Now Than Later Oscar Wei, deputy chief economist at CAR, said the growth of housing affordability will not continue into 2022, as indicated by multiple factors: growing interest rates, cost of living, and housing prices. Interest rates, which generally correspond to inflation in …