The California Association of Realtors (CAR) reported that only 14% of California households were able to afford a median-priced home in November. That’s down from 19% in November 2004.
In Los Angeles County, the percentage was only 11%, compared to 17% in 2004.
A family needed an income of at least $133,390 in November to purchase a median-priced California home priced at $548,400 based on an effective interest rate of 6.26% and assuming a 20% down payment.
January 14, 2006
castaic golf course, Santa Clarita Real Estate