New Tool Estimates County-By-County Homebuyer Savings Under Measure, Shows $136,000 in Upfront Cost Savings on Average Statewide

SACRAMENTO – The Yes on Proposition 37 campaign to build new housing and make home loans affordable for middle-class Californians today announced the launch of a new “Down Payment Savings Calculator” on its website. The tool provides an easy to navigate, county-by-county breakdown of how much, on average, homebuyers can save under this measure, which helps middle-class Californians purchase new homes with just 3% down.

Statewide, based on the median home price of $800,000, Californians can expect to pay $160,000 – or 20% – upfront. Under Proposition 37, eligible homebuyers would pay just $24,000 – or 3% down – an upfront cost savings of $136,000 for the same home. The tool also shows that in Sacramento County homebuyers would save $95,300; Fresno County: $71,063; Los Angeles County: $150,149; Riverside County: $103,829; and San Diego County: $157,853. The table below illustrates savings across all 58 California counties based on median home prices.  

Proposition 37 unlocks homeownership for more middle-class families by making it possible to buy a new home with just 3% down, while spurring a wave of new home construction across the state – all at no cost to taxpayers. Specifically, it:

• Authorizes $25 billion in revenue bonds to provide low-interest down payment assistance loans to eligible middle-class Californians.
• Protects taxpayers by requiring bonds to be repaid by investors and home loan borrowers.
• Helps address California’s housing affordability crisis by incentivizing new single-family home construction and increasing the supply of brand new homes.
• Helps drive construction of roughly 190,000 new homes, generating significant economic benefits throughout the state.

To qualify for these home loans, homebuyers must be California residents, meet minimum income requirements, pay at least 3% down, make monthly payments, and occupy the home as their residence. Consumer protections include fixed low-interest rates on home loans, with strict limits on bank fees and no penalty for early payoff of home loans.

Proposition 37 has broad, bipartisan support across California, and the campaign’s honorary co-chairs, include: California State Controller Malia M. Cohen, California State Treasurer Fiona Ma, United Brotherhood of Carpenters and Joiners of America General President Doug McCarron, former Senate President pro Tempore and Mayor of Sacramento Darrell Steinberg, and CALIFORNIA ASSOCIATION OF REALTORS® President Tamara Suminski. In May, the campaign announced support from five of California’s gubernatorial candidates, including Xavier Becerra.

For more information on Proposition 37, visit: voteyeson37.com.