Entry Level Affordability Index Rises to 49% in Silicon Valley
Wednesday, February 25, 2009 | Comments Off
An interesting new statistic was recently released by the California Association of REALTORS showing Santa Clara County affordability index has climbed from 24% to 49%. Yet another indication that REO(bank owned properties) and Short Sales are making home ownership in Silicon Valley a legitimate option. Take a look at the C.A.R. chart below.
| C.A.R. Region |
Housing Affordability Index |
Entry-Level Price |
Monthly Payment Including Taxes & Insurance |
Minimum Qualifying Income |
|
California |
59 |
$248,030 |
$1,630 |
$48,900 |
|
California – Condos |
65 |
$210,830 |
$1,380 |
$41,400 |
|
United States |
72 |
$153,090 |
$1,000 |
$30,000 |
| High Desert |
76 |
$125,080 |
$820 |
$24,600 |
| Los Angeles County |
46 |
$301,110 |
$1,970 |
$59,100 |
| Monterey Region |
58 |
$265,700 |
$1,740 |
$52,200 |
| Northern California |
56 |
$241,410 |
$1,580 |
$47,400 |
| Northern Wine Country |
53 |
$300,890 |
$1,970 |
$59,100 |
| Orange County |
48 |
$395,100 |
$2,590 |
$77,700 |
| Palm Sprgs/Lwr Desert |
65 |
$159,310 |
$1,040 |
$31,200 |
| Riverside/SBernardino |
70 |
$171,060 |
$1,120 |
$33,600 |
| Sacramento County |
74 |
$159,750 |
$1,050 |
$31,500 |
| San Diego County |
56 |
$282,910 |
$1,860 |
$55,800 |
| San Francisco Bay |
47 |
$414,070 |
$2,720 |
$81,600 |
| San Luis Obispo County |
44 |
$317,330 |
$2,080 |
$62,400 |
| Santa Barbara Area |
55 |
$269,380 |
$1,770 |
$53,100 |
|
Santa Clara County |
49 |
$446,250 |
$2,930 |
$87,900 |
| Southern California |
58 |
$248,380 |
$1,630 |
$48,900 |
| Ventura County |
58 |
$333,480 |
$2,190 |
$65,700 |
| County | \ | \ | \ | \ |
| Alameda |
48 |
$369,050 |
$2,420 |
$72,600 |
| Contra Costa |
35 |
$540,050 |
$3,540 |
$106,200 |
| Fresno |
70 |
$140,000 |
$920 |
$27,600 |
| Marin |
29 |
$709,420 |
$4,650 |
$139,500 |
| Merced |
79 |
$101,850 |
$670 |
$20,100 |
| Riverside |
71 |
$168,640 |
$1,110 |
$33,300 |
| San Bernardino |
70 |
$166,540 |
$1,090 |
$32,700 |
| San Francisco |
30 |
$570,660 |
$3,740 |
$112,200 |
| San Mateo |
37 |
$559,300 |
$3,670 |
$110,100 |
| Santa Cruz |
43 |
$391,000 |
$2,560 |
$76,800 |
| Sonoma |
56 |
$295,600 |
$1,940 |
$58,200 |
Source: California Association of REALTORS
Methodology of First Time Homebuyers Data

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