Tuesday, February 16, 2010

Home Purchase Within Reach for 64 Percent in California

Given the very low mortgage rates and the buyers market in real estate, almost 2/3 of California residents can afford an entry level home.  Here is a short article from CA Real Estate Journal.  It is time to purchase your home and start building equity!  Don"t settle for renting any more!

LOS ANGELES - During the fourth quarter of 2009, 64 percent of California households could afford to buy an entry-level home. This affordability rate is only slightly higher than the 61 percent for the same period in 2008, according to the California Association of Realtors.

The minimum household income needed by first-time buyers to purchase an entry-level home of about $257,940 was $44,100. The average monthly payment including taxes and insurance was $1,470.

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