Cheaper mortgages and income growth have improved housing affordability in the 3rd quarter, according to the California Association of Realtors. Let us help you achieve your homeownership dream!
Cheaper mortgages and income growth improve housing affordability in third quarter, C.A.R. reports
“Thirty-one percent of California households could afford to purchase the $613,470 median-priced home in the third quarter of 2019, up from 30 percent in second-quarter 2019 and up from 27 percent a year ago.
A minimum annual income of $120,400 was needed to make monthly payments of $3,010, including principal, interest and taxes on a 30-year fixed-rate mortgage at a 3.85 percent interest rate.
Forty-three percent of home buyers were able to purchase the $465,000 median-priced condo or townhome. An annual income of $91,200 was required to make a monthly payment of $2,280.”