California has six of the 10 counties nationwide with the highest risks of home-price declines, notably in less-populated regions where prices are pushed out of economic balance by remote workers seeking cheaper homes away from job hubs.
San Joaquin County leads the risk list, requiring 58% of local incomes to buy a median-priced home, with significant proportions of mortgages underwater, homes in foreclosure, and unemployment. Other high-risk counties include Merced, Madera, Butte, Kings, and Solano.
Optimistically, lower-risk counties like Santa Clara, despite being among California's biggest housing markets, still face challenges. The county requires 57% of local incomes to buy a median $1.45 million home.
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