6/11/2005

California Median Price at $509,230 in April

Minimum household income need to purchase was $120,290, according to C.A.R., in California. Nationwide the minimum household income needed to purchase was $48,660 for the median priced home of $206,000. California's housing affordability stands at 17% of the buyers being able to buy a home; it has declined 3 points since April of 2004. The California index is a housing measure based on statewide data, and varies from county to county. The Los Angeles County median, according to DataQuick, was $445,000 during April, a new record. Southland buyers' typical monthly mortgage for April purchases was $2019, up from $1,760 for April, 2004.

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