What is the median household income of the families who are purchasing
$450K - $550K homes in the greater San Jose, CA area? What is the
median down payment (in percentage) for these purchases? |
Clarification of Question by
tinyam-ga
on
13 Apr 2005 12:43 PDT
I would like to have pointers to at least two sources. Thanks.
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Clarification of Question by
tinyam-ga
on
13 Apr 2005 18:19 PDT
The 450K - 550K range does not need to be exact. I just want to find
out the cashflow profile of buyers in the ~$500K market.
Note that what I mean by "home" includes all kinds of shelters (e.g.
condo, duplex, SFH, etc).
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Clarification of Question by
tinyam-ga
on
16 Apr 2005 12:39 PDT
Increase to $100.
I also want to know whether the median income a a particular price
range of homes are increasing or decreasing over the past two years.
This trend can says a lot about the cause and effect of the market.
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Request for Question Clarification by
czh-ga
on
17 Apr 2005 01:37 PDT
Hello tinyam-ga,
I?ve done some preliminary research and I?ve come across some very
good information about the hot real estate market in Silicon Valley. I
regret to say that I haven?t been able to find much on what is the
median down payment or income of purchasers buying homes in the $450K
- $550K range. This is a small percentage of homes sold in Silicon
Valley as the median price recently surpassed $700,000 and only 20% of
households can afford to buy at this price.
Here are some links to give you an idea of the type of real estate and
housing market information available. I realize that they don?t
directly address your question. Would research along these lines meet
your needs? If not, could you please tell me more about the context
and scope of your question so I can find other avenues of research.
I look forward to your clarification.
~ czh ~
http://realtytimes.com/rtcpages/20050309_siliconhigh.htm
Silicon Valley Home Prices Surpass $700,000
Calhoun said on March 8 in a region of 1.5 million people, there were
only three single-family detached homes on the market priced under
$400,000, approximately 66 percent of the homes are selling for more
than asking and buyers on average, are paying 103.6 percent of the
asking price.
http://sanjose.bizjournals.com/sanjose/stories/2005/04/04/daily35.html
April 7, 2005 -- California's housing affordability falls in February
http://sanjose.bizjournals.com/sanjose/stories/2005/03/07/daily33.html
March 10, 2005 -- California housing affordability drops again
The minimum household income needed to purchase a median-priced home
at $485,700 in California in January was $113,340, based on an average
effective mortgage interest rate of 5.78 percent and assuming a 20
percent down payment. The minimum household income needed to purchase
a median-priced home was up from $93,720 in January 2004, when the
median price of a home was $404,460 and the prevailing interest rate
was 5.70 percent.
http://sanjoseproperty.com/
Silicon Valley Real Estate Report
http://realtytimes.com/rtmcrstate/California
Market Conditions ? California Cities
http://realtytimes.com/rtnews/websearchview4?searchview&searchorder=4&query=silicon+valley
Silicon Valley News Articles
http://www.financialsense.com/fsu/editorials/view/2005/0112.html
HOUSING SNAPSHOT January 12, 2005
http://www.realtor.org/prodser.nsf/OpenProd?OpenForm&IN=186-45-04
2004 NAR Profile of Home Buyers and Sellers
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Clarification of Question by
tinyam-ga
on
18 Apr 2005 12:29 PDT
What I really want is to confirm or deny my suspicion that
sub-prime/creative financing plays a huge part in the entry-level SJ
housing market. Low income and down payment numbers would be a
confirmation.
The median price usually quoted is for single family homes but there
are plenty common interest housing in the area.
I guess my question is more about sustainability than affordability.
Thanks.
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