California’s Affordability Squeeze Is Real

In today’s housing market, even long-time California homeowners are doing double-takes at their monthly statements. According to recent data, the average mortgage payment for a median-priced home in many parts of California now exceeds $5,900 per month—a record high driven by rising home prices, taxes, and insurance.

For Santa Barbara families, that number hits especially hard. Between limited housing supply and higher property valuations, many are facing a kind of “payment shock” where housing costs rise faster than income.

What’s Causing the “Payment Shock”?

A few key factors are pushing affordability to its limits:

• Elevated mortgage rates: While lower than their 2023 peaks, today’s rates still hover around 6–7% for many borrowers.
  
• Property taxes and insurance: Both have crept up with inflation and California’s natural-disaster risk profile.
  
• Limited housing supply: Santa Barbara’s coastal geography and zoning constraints keep prices high even when demand dips.

The result? Many Californians are paying more for the same home than ever before—and wondering if they can keep up.

What Homeowners Can Do

Before assuming there’s no solution, remember: there are always strategies to soften the impact.

• Refinancing when rates dip: Even a small drop in rates can save hundreds monthly.
  
• Restructuring or consolidating debt: Simplifying high-interest debt can free up crucial breathing room.
  
• Leveraging home equity: For those with strong equity positions, a home equity line or second mortgage can help manage short-term expenses or renovations.

When Payments Feel Heavy, Craig Helps Lighten the Load

Craig Greene has spent more than 30 years helping Santa Barbara and Central Coast homeowners navigate unpredictable housing markets.

As a local loan officer working with the nation’s largest mortgage brokerage network, Craig can shop dozens of lenders to find the structure that truly fits your situation.

Whether you’re trying to lower your monthly payment, refinance, or simply understand your options, Craig is here to make the numbers make sense, and to help you stay confident about your financial future.

Schedule a quick consultation today to review your mortgage and explore strategies for relief before the next rate shift.