The Price is Right?
Now that California voters are recovering from last night’s primary and all the campaigning beforehand, they can move on today to pondering this little economic nugget:
You need $191,106 in income to buy a typical home in Orange County, Calif., real estate blogger Jon Lansner notes. And that total assumes you can come up with a 10 percent downpayment.
Just a little reminder that while the housing market’s collapse is pulling down home prices nationwide, it doesn’t mean that homes in traditionally expensive markets are going to be that much easier to buy.
You can find out what salary you’d need to buy the average home in your metro area here, at the Center for Housing Policy.