By Jonathan Lansner | Orange County Register
A typical Los Angeles County buyer in November got a $5,670 monthly payment, assuming a 20% downpayment. That’s the eighth highest since 1988, a cost 3% below a year ago but 98% higher in five years.
Adding to local homebuying’s financial challenge are the wages required to complete a purchase. If this hypothetical buyer spends 40% of their income on this payment, they’d need to earn $170,000 a year – plus have $173,800 in cash for the downpayment.
Why? Start with the Los Angeles County median sales price of $869,000 for the month.
Read more at: Daily Breeze
