Only some people benefit from housing market recovery (1)
USINFO | 2013-11-05 10:37

 

It’s more increasingly difficult to buy the perfect house in Los Angeles to achieve the American dream.

According to data from real estate website Trulia , Los Angeles County last year, the average median family income was $ 53,000 in dollars , can only afford $ 271,000 house, which is currently only afford 24% of houses for sale in the market .

Relative to the income of residents of Los Angeles County 's rate ranks third highest in the nation , second only to San Francisco and Orange County . New York City ranked fourth. Last year, Los Angeles County middle income families can afford to buy 39% of homes for sale .

Trulia website Economist Cochrane (Jed Kolko) said that the housing market recovery just to let some people benefit. Wage growth in recent years, mostly in high-income families.

Six counties in Southern California in the middle of August this year, prices rose 24.6% over last year , amounting to $385,000, Los Angeles County rose 28.1% more , up to $429,000, far exceeding wage growth , making more difficult to buy a house .

Trulia website for buyers to pay 20% down payment , 80% of loans repayable over 30 years , the interest rate of 4.5% monthly mortgage payment , plus property taxes and home insurance premiums , if the total is below 31% of median income families , is known as the house can afford it .

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