Industry NewsMarkets & Economy

California home affordability up from ’08

Median entry-level home price down 48.8% from peak
Published on Feb 15, 2010

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by CareyBot

Home affordability in the Golden State held steady in the fourth quarter of 2009 at 64 percent, according to a report by the California Association of Realtors.

That means 64 percent of California households could afford to buy an entry-level home, the same percentage as in the third quarter of 2009 and above the revised 61 percent figure for fourth quarter of 2008.

The median price for an entry-level home in the state was $257,940; the estimated monthly payment including taxes and insurance was $1,470; and the minimum household income needed to purchase a home at that payment was $44,100, the report said.

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