An interesting read – thought I would share it…
Editor’s note: Zillow has provided a special blog for Keep Your Home California, detailing the financial challenges of owning a home in California.
California’s real estate scene has received a lot of attention over the last few years. While prices skyrocketed in San Francisco, 10.2 percent of homeowners in Riverside are facing underwater mortgages. For many individuals, rising home prices coupled with stagnant wages in the last decade have caused concerns about the affordability of homes across California.
Check out these five markets where Zillow calculated whether a median priced home would be affordable for a family earning the median income for that city.
Los Angeles boasts a median home value of $586,000 as of February 2016. A simple mortgage calculator shows that a median-priced L.A. home with a traditional 20 percent down payment and 3.5 percent mortgage rate would result in a $2,760 monthly…
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