Housing affordability in Ventura County set a new record high in first quarter 2012 rising to 56 percent, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) reported today. The increase in Ventura County can be attributed to record-low interest rates and stabilization in home prices.
The percentage of home buyers in Ventura County who could afford to purchase a median-priced, existing single-family home rose to 56 percent in the first quarter of 2012, up from 55 percent in fourth-quarter 2011 and from 53 percent in first quarter 2011, according to C.A.R.’s Traditional Housing Affordability Index (HAI). The index was the highest since C.A.R. began tracking this statistic in 1988.
C.A.R.’s HAI measures the percentage of all households that can afford to purchase a median-priced, single-family home in Ventura County. The Index is considered the most fundamental measure of housing well-being for home buyers in the state.
Home buyers in Ventura County needed to earn a minimum annual income of $80,417 to qualify for the purchase of a $323,370 median-priced, existing single-family, Ventura County home in the first quarter of 2012.
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