Housing affordability in California on the rise
Housing affordability in California is on the rise, according to statistics released Monday.
The California Assn. of Realtors said 66% of buyers could afford an entry-level home in the Golden State in the third quarter, a slight increase from 65% in the second quarter and 64% during the third quarter of 2009.
The group bases its analysis on income data from the U.S. Census Bureau and California home prices, which it tracks. The group found that first-time buyers needed to make a minimum of $42,300 a year to qualify for home that costs $266,620.
Assuming a down payment of 10%, that would equate to monthly payments of $1,410 including taxes and insurance. For a full look at the data, click here.
-- Alejandro Lazo