Friday, December 07, 2007

Entry level housing affordability is at 24% in CA

The percentage of households that could afford to buy an entry-level home in California stood at 24 percent in the third quarter of 2007, unchanged from the same period a year ago, according to C.A.R.'s First-time Buyer Housing Affordability Index (FTB-HAI) released Nov. 29.

The minimum household income needed to purchase an entry-level home at $482,910 in California in the third quarter of 2007 was $99,590, based on an adjustable interest rate of 6.56 percent and assuming a 10 percent down payment. First-time buyers typically purchase a home equal to 85 percent of the prevailing median price. The monthly payment including taxes and insurance was $3,320 for the third quarter of 2007

posted by the California Association of Realtors

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