Wednesday, July 14, 2004

California home affordability factor down

If you've been out looking for a home in Southern California, you probably already know this!

The California Association of Realtors® (CAR) reports that "The percentage of households in California able to afford a median-priced home stood at 19 percent in May, an 8 percentage-point decrease compared to the same period a year ago when the Index was at 27 percent".

In the United States, CAR reports that you need to have income of $42,810 in order to buy a median-priced home priced at $183,600.

Now the stats go up in California - naturally! CAR calculates that you need to have income of $108,450 in order to buy a median-priced home priced at $465,160.

To read the entire press release, please go here.

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