More First Time Home Buyers in Temecula are finding affordable homes. The California Association of Realtors released it’s monthly affordability index and First Time Home Buyers in Temecula and other parts of the state have seen an increase in first time home affordability of almost 10%
Homes more affordable for First Time Home Buyers
Quick Facts:
· C.A.R. First-time Buyer Housing Affordability Index stood at 64 percent in the third quarter of 2009 compared with 55 percent (revised) in the third quarter of 2008
· The median price of an entry-level home for first time home buyers in California was $247,150 in the third quarter of 2009
· The estimated monthly payment including taxes and insurance was $1,450 in the third quarter of 2009
· The minimum household income for first time home buyers needed to purchase an entry-level home in California in the third quarter of 2009 was $43,500.
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Tags: California First Time Homebuyer, First Time Home Buyers, loans for first time home buyers
My son purchased his first home this past summer. He fits exactly into that category of making $45000 his payments are $1495 a month. His purchase price was $187000. Because of mello roos his payments are higher. More first timebuyers need to take advantage of this market and the $8000 tax credit. .
Thanks for commenting Michelle, there is a tremendous opportunity for first time home buyers but the window is not as wide open as many think.