Monday, August 08, 2005

You May Need a Raise to Buy a Home

According to Californai Association of Realtors you may need a big salary increase to buy a home. It seems that a prospective buyer would need to make about $119,000 salary with a 20 % down payment to afford the median priced California home of $510,000. This salary figure is about $67,220 shy of what the average California family earns. Of course what they fail to point out is that it may be harder to find a $510,000 home then to figure out how to make more money to afford the loan.

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