California? Affordable Housing Returns
February 19, 2009 by admin
Filed under Positive Real Estate
But as John Burns says get it while the gettin is good. As rates are so low they won’t last much longer. 59 % of California households had the monthly income to buy an entry-level home. This is comparing the 4th quarter of 2008 to the 33% a year earlier. This says the California Association of Realtors’ First-Time Buyer Housing Affordability Index.
$48,900 was the minimum qualifying income and is a number 42% lower than a year earlier when households needed $83,700 to qualify for a loan on an entry-level home.
At 76 percent, the High Desert region was the most affordable area in the state, while the San Luis Obispo County region was the least affordable in the state at 44 percent, followed by the Los Angeles County region at 46 percent.
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