What You Must Earn To Buy A Home In California Cities

What You Must Earn To Buy A Home In California Cities

What You Must Earn To Buy A Home In California Cities

Two California Cities End Up In Top 25 Median Priced Homes Markets To Purchase A Home

What do you need to earn to buy a home in this town?  It depends where the town is.

HSH.com recently used data from the National Association of Realtors’ 2012 second-quarter data for median home prices as well as 2012 second-quarter average interest rate for 30-year, fixed-rate mortgages and figured out how much annual income would be necessary to purchase a median-priced home in the top 25 markets.

Because interest rates remain near record lows the numbers may seem low. In a nut shell they figured the numbers based on the 31% debt to income ratio that many banks use to “qualify” people for loan modifications as well.

Two California cities ended up in the top 25 list. We will look at one today and the other tomorrow.

What You Need To Earn To Buy A Home In Sacramento

Sacramento

Income needed: $25,529.

Mortgage rate: 4.12%

Home price: $170,200

Because of the all of the foreclosures and short sales, not to mention the low interest rates, Sac-town ranks number 15 on the affordability list.

Photo courtesy of  Wikipedia

What You Must Earn To Buy A Home In California Cities

What You Must Earn To Buy A Home In California Cities

What You Must Earn To Buy A Home In California Cities

What You Must Earn To Buy A Home In California Cities

What You Must Earn To Buy A Home In California Cities

What You Must Earn To Buy A Home In California Cities

What You Must Earn To Buy A Home In California Cities

What You Must Earn To Buy A Home In California Cities

What You Must Earn To Buy A Home In California Cities

What You Must Earn To Buy A Home In California Cities

What You Must Earn To Buy A Home In California Cities

What You Must Earn To Buy A Home In California Cities

What You Must Earn To Buy A Home In California Cities

What You Must Earn To Buy A Home In California Cities

What You Must Earn To Buy A Home In California Cities

What You Must Earn To Buy A Home In California Cities

What You Must Earn To Buy A Home In California Cities

What You Must Earn To Buy A Home In California Cities

What You Must Earn To Buy A Home In California Cities

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3 Comments

Filed under California, Foreclosure, short sales

3 responses to “What You Must Earn To Buy A Home In California Cities

  1. Pingback: How Much Do You Have To Earn To Afford A Home In San Francisco? | Resource Blog

  2. Pingback: Housing Prices and Buyers Income Aligned In Many Parts Of California | Resource Blog

  3. Thank you for sharing your info. I truly appreciate your efforts and I will be waiting for your further post
    thanks once again.

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