Los Angeles County isn't know for its affordability, but compared with the Bay Area, it's much more attainable. In eight of the nine Bay Area counties, homebuyers must earn more than $100,000 annually to qualify for the purchase of a median-priced, single-family home. Somewhat surprisingly this is not the case in Los Angeles County, where buyers must earn $96,420, according to a California Association of Realtors (CAR) index. Bay Area home affordability With a minimum qualifying income of $71,200, Solano County represents the only Bay Area county where a buyer that earns less than $100,000 annually can afford the area's median-priced home, which sits at $356,000. CAR estimates that 45 percent of California households could qualify for the purchase of a single-family home in Solano County and that their monthly payments would be $1,780. The payment figure assumes a buyer puts 20 percent down and utilizes a 30-year, fixed-rate loan with an interest rate of 4.07 percent. ...
- Solano and Contra Costa counties remain the most affordable in the Bay Area.
- CAR's findings for Los Angeles County should be taken lightly.
- CAR's affordability findings assume buyers can put 20 percent down.
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