Monterey least affordable county for entry-level home in state during Q4
The percentage of households that could afford to buy an entry-level home in California stood at 33 percent in the fourth quarter of 2007, compared with 25 percent for the same period a year ago, and Monterey was the least affordable individual county.
The California Association of Realtors said Tuesday its First-time Buyer Housing Affordability Index showed that the minimum household income needed to purchase an entry-level home at $411,170 in California in the fourth quarter of 2007 was $82,200, based on an adjustable interest rate of 6.21 percent and assuming a 10 percent down payment.
Monterey was the least affordable region in the state at 20 percent, compared to 19 percent in the year-ago quarter fast cash advance. The entry-level price home in the county was $591,200.
The percentage of households that could afford to buy an entry-level home in Santa Clara County during the quarter was 24, compared to 29 in the same period last year. The entry-level price home in the county was $718,530.
At 54 percent, the High Desert region was the most affordable in the state, followed by the Sacramento region at 53 percent.
Filed under: online by Wolf