Minimum qualifying income was 19 percent lower in third quarter 2009 than a year earlier.
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 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 needed to purchase an entry-level home in
California in the third quarter of 2009 was $43,500