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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Incomprehensible... Posted by Ward-CA- on January 26, 2004 at 9:32 PM In Reply to: Re: What's your take on it?? posted by JK on January 26, 2004 at 2:51 PM : Hello : I am interested bacause it was the topic of a post recently and I am not familiar with the term. : If I had to guess it would have something to do with the average income in a region versus the cost of living. Unfortunately, as there can be numerous factors involved in such, I would like to know what aspects define the term. : i.e. It is better to ask than assume. : Thank you. ===================== JK, Lenders know that a person cannot afford to spend 100% of her income for housing expense. There has to be money left over for food, clothing, utilities, etc. Thus they determined that the average homeowner’s ability to afford housing payments (principal, interest, taxes and insurance) tops out around 30 - 33% of her take home pay. Nowadays, here in San Diego County, our home prices have surged so high, so fast, it’s estimated that only about 16% of our households can currently afford to buy a median-priced house here (costing almost $450,000 dollars). That’s assuming a $90K down payment (20%) and a 30 year fixed interest mortgage. Click on the link below to read about San Diego’s abysmal housing affordability. San Diego's Housing Affordability Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : Hello : : I am interested bacause it was the topic of a post recently and I am not familiar with the term. : : If I had to guess it would have something to do with the average income in a region versus the cost of living. Unfortunately, as there can be numerous factors involved in such, I would like to know what aspects define the term. : : i.e. It is better to ask than assume. : : Thank you. : ===================== : JK, : Lenders know that a person cannot afford to spend 100% of her income for housing expense. There has to be money left over for food, clothing, utilities, etc. Thus they determined that the average homeowner’s ability to afford housing payments (principal, interest, taxes and insurance) tops out around 30 - 33% of her take home pay. : Nowadays, here in San Diego County, our home prices have surged so high, so fast, it’s estimated that only about 16% of our households can currently afford to buy a median-priced house here (costing almost $450,000 dollars). That’s assuming a $90K down payment (20%) and a 30 year fixed interest mortgage. : Click on the link below to read about San Diego’s abysmal housing affordability. Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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