How Much House Can You Afford?

The recent real estate bubble and foreclosure crisis that California faced has left first-time home buyers wondering how much home they can really afford.  With the relatively lower current prices and record low interest rates, the California Association of Realtors (C.A.R.) is suggesting it’s an opportune time to buy.  C.A.R. published the following chart that illustrates statistics for the California market such as: (i) entry-level price for a single family home, (ii) monthly payment, including taxes and insurance, and (iii) minimum qualifying income.

FirstTimeBuyers_alex.edits_1.10.12

The information is promising for a lot of first-time buyers.  There are also tax benefits to owning your own home as well, which are not considered in the above chart.

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