California Housing Affordability Index is Up!

What does this mean?

It means that the percentage of households that could afford to purchase a home this yearwas higher than in the “glory days” of 2004 and 2005.  Even though the economy was better in 2004 and 2005, more people had more jobs, unemployment was lower.  Nowadays, thanks to the market correction and lower prices, more people can own a home.

More stats on this: the median income to buy a $250,000.00 condo/house ws $41,500.00 thanks to the great interest rates.  For most first time homebuyers, the average monthly payment was $1,380.00 including taxes and insurance.  As I’m writing this out, I realize that most rental charge more than that per month, that is a steal.

Areas that ranked more expensive for real estate than the San Diego real estate market were: San Luis Obispo, Bay Area, Los Angeles, and Santa Clara County.

Final thought of the day, one of the basic necessities is a roof over your head, make sure you have one!

CHECK OUT ALL ROOFS IN THE SAN DIEGO REAL ESTATE MARKET HERE!