Only 51% of Southern California households can ‘afford’ entry-level home with ‘generous’ mortgage

Just 51% of Southern California households can comfortably buy an entry-level home – and they’d need to earn at least $70,090 annually, according to a California Association of Realtors first-time.

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Only 51% of Southern California households can ‘afford’ entry-level home with ‘generous’ mortgage here it is again.lets talk about this. 949 439 9538 ocregister.com Just 51% of Southern California households can comfortably buy an entry-level home – and they’d need to earn at least $70,090 annually, according to a California Association of Realtors.

This is the 17th consecutive quarter that the index has been below 40 percent and the lowest since third-quarter 2015. California’s housing affordability index hit a peak of 56 percent in the first quarter of 2012. C.A.R.’s HAI measures the percentage of all households that can afford to purchase a median-priced, single-family home in.

Richard Easterlin, professor of economics at University of Southern California says previous generations have. it makes sense to switch from one entry-level job to another; no seniority and scant.

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With California property taxes, I can imagine that the mortgage payment on a $950,000 home is almost $5,000 including the escrow, if not more. If you only make $7,500/a month (lets assume take-home income) how can you afford your other bills/groceries/utilities and just general living?

For example, only 51% of Southern California households can "afford" an entry-level home even using a mortgage with generous financing terms. Meanwhile, rent inflation in Los Angeles and Orange counties is at a 12-year high.

People buy million dollar homes in California the same way they do anywhere else – because they can afford it. First, the vast majority of homes in California are available for under a million dollars. Indeed, only a few counties have homes that routinely go over a million dollars.

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