The price for median priced, single family homes in California continue to increase, limiting the ability of many prospective home buyers to own a home. In fact, only around 30% of prospective homebuyers can afford a $485,100 median priced home! With rising interest rates accompanying the rising prices, home buyers need to make at least $96,000 a year to afford the $2,400 a month mortgage of a median priced home in California with the current interest rates. Besides rising interest rates, a lack of housing available to meet demand and stagnant wages also contribute to making the barriers to home ownership possible to many.
This information is brought to you by:
Dennis Smith, ABR, SRES, e-PRO, CDPE, Realtor® CalBRE# 00476662
Certified Distressed Property Agent
Sunshine Smith, SFR, Realtor® CalBRE# 01249837
Short Sale, Foreclosure Resource Certified
760-436-0087 or cell at 760-212-8225
Providing quality Real Estate services in the North Coastal San Diego area including Del Mar, Solana Beach, Rancho Santa Fe, Cardiff by the Sea, Encinitas, Leucadia, Olivenhain, Carlsbad, La Costa, Aviara, Oceanside, Vista, San Marcos, San Elijo Hills, Escondido; all San Diego County.
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