P.M. BRIEFING : Fewer Found Able to Buy a Home
Fewer Californians could afford to buy a median-priced home in California in March than at any time in more than five years, a realty association said today.
Fewer than one in five couples--18%--could qualify for a home loan for the median-priced home. In Los Angeles, the news was even worse--only 16% of the potential home buyers could qualify for such financing. Still, that was 1% more than qualified in Orange County.
The statewide rate of 18% in March was down from 19% in February and a revised 25% a year ago.
At the March median price of $196,097, a family needed an annual income of $63,904 and faced monthly payments of $1,598, including insurance and property taxes.
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