Friday, March 31, 2006

How Can People Afford the Current Home Prices?

I get asked this question all the time. Home prices are so high who can afford to buy these properties?
The LA Times gave a hint in an article from a survey by TNS Financial Services. It seems that L.A. County has more millionairs then any other area in the United States. There were 262,800 millionairs in L. A. County. Cook County in Illnois was #2, Orange County was #3, Maricopa County in Arizona was #4 and San Diego was #5 on the list.

Individual wealth was calculated on a number slightly over $2,000,000 and while the numbers may have been based on some real estate holdings it did not include the value of their primary residence.

Looks like California is still the Golden State!

No comments: