Want to Buy a House in California, Better Have A Heck Of An Income
October 6th, 2005 • Related • Filed Under
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Inman News is reporting that to purchase the average home in California, you would need a yearly income of $133,800 to purchase a $568,890 dollar house. Ouch. The housing affordability index which takes into account interest rates and housing costs, says that this is the lowest the index has been since 1989. For reference, the minimum household income needed to purchase a median-priced home was up from $110,980 in August 2004, when the median price of a home was $473,520 and the prevailing interest rate was 5.83 percent.
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