The American Dream of homeownership has taken a hit, but the tides are starting to turn. Homeownership hit a 10-year low in Q3 2017 but in the fourth quarter of 2017 more Californians were able to break into the market thanks to slightly lower home prices and steady mortgage rates remaining at historic lows.
If you’re a first time homeowner in California, your best bet to break into the market is with a condo or townhome according to the data. It only makes sense to start small in order to start building equity. Check the infographic below for a full breakdown of median home prices and the income needed to afford them.
If you are ready to realize your dreams of homeownership, reach out and we’ll connect you with an agent to review your options and get you on the path to your dream home.
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