The California Association of Realtors® announces real estate statistics for November 2003
The California Association of Realtors® (http://www.car.org) reports that as of November 2003 (these statistics take a while to compile), the minimum household income needed to buy a median-priced California home ($386,760) was $90,800. In November 2002, the comparable income needed was $78,663, when the median priced home was $328,440 for the state of California. The interest rate, however, has gone down slightly in that year's time.
To compare with the numbers for the entire United States, the median-priced home is $170,900 and comparable income needed to buy is $40,120 as of November 2003.
This directly correlates to the experiences that many of our buyers have when they are transferring here from out-of-state. They spend lots more money for real estate in California, and get substantially less property and house. This can be a significant issue in job transfers.
In addition, many of our clients who sell their California real estate, move out-of-state, then try to move back only to find the home prices have gone up so much that they have a hard time re-buying in California as well.