Wow, we can't afford to live there!

Just got word that the housing affordability index in California for first time homebuyers is at 23%!  That means that only 23% of first time homebuyers in California can qualify for a median priced home in that state.  A year ago that number was 30%.

Since the median home is California is priced at $482,000, that means a person would need to make almost $99,000 per year and would still need an adjustable rate mortgage starting at 6.48% with 10% down.  Another item most first time homebuyers don't have would be $50,000...

In the Denver metro area our affordability index is at 62.4% since the median priced home in the area is $221,000. 10% down would be just over $22,000.  Still not an item most first time homebuyers would have, but it's getting closer.

We always knew there was a reason why we'd rather live here....

2:16 PM - Aug. 22, 2006 - comments {0} - post comment

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