Showing posts with label Jon Lansner. Show all posts
Showing posts with label Jon Lansner. Show all posts

Thursday, April 8, 2010

$129,850 income needed to buy O.C. home

Here’s a list of the U.S. regions among 207 towns tracked by the “Paycheck to Paycheck” housing affordability report where by the Center for Housing Policy’s math, typical house shoppers must have incomes in excess of $100,000 to qualify to buy.

Town 2009 Price Needed income Inc. chg. ‘09
San Francisco $625,000 $186,567 -0.1%
San Jose $465,000 $138,806 +4.2%
Honolulu $450,000 $134,328 +3.4%
Orange County $435,000 $129,850 +3.0%
Santa Cruz $431,000 $128,656 -1.0%
New York, NY $425,000 $126,865 -14.2%
Nassau-Suffolk, NY $380,000 $113,433 -10.7%
San Luis Obispo $372,000 $111,045 -9.1%
Napa $360,000 $107,462 -7.1%
Ventura $353,000 $105,373 -3.2%
Bridgeport, Conn. $348,000 $103,880 -13.6%

As you can see, Orange County makes the list. How?

  • Home price data used was from the fourth quarter 2008 and 2009 and includes home sales figures provided by the National Association of Home Builders and/or National Association of Realtors.
  • “Needed income” for this chart was, as the CHP put it, “the income required to qualify for a mortgage on the median priced home by assuming a 90 percent loan-to-value ratio — that is, a 10 percent downpayment plus the use of private mortgage insurance. Monthly payments are calculated to include loan principal and interest as well as estimated taxes and insurance. These payments are annualized and assumed to comprise no more than 28 percent of annual income in accordance with conventional underwriting guidelines.
  • Also tracked is the change in “needed income” between 2008 and 2009!

This same group also questioned the high cost of local rents, ranking Orange County as the nation’s 4th priciest place to rent.

Real estate trends:

http://lansner.freedomblogging.com/

Posted via web from The Newport Beach Blog

HVAC boot cleared of Asbestos in Los Angeles

http://www.ewastedisposal.net