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Wednesday, May 14, 2008

Here's What Marin's $116,626 Median Income Will Buy

Median incomes in Marin are among the highest in the state—OK, in any state. Among married couples who file joint tax returns, the median adjusted gross household income is $116,626. If they're first-time homebuyers, how much house can they afford these days? One that costs $462,126.15, but only if they have saved up a 20 percent down payment:

Here's how the numbers would work out with a 30-year fixed rate mortgage at 5.82 percent, according to Money Magazine:
House price: $
Loan amount: $385,105.15
Down payment: $77,021
Monthly mortgage payment: $2,264.52
Monthly taxes/homeowner insurance: $456.75
Total monthly payment: $ 2,721.27

So what's on the market in that price range?
746 Diablo, Novato: 3BR, 1 B, $450,000. Amenities include a rope swing in the front yard and a skylight in the dining room.

Other possibilities include a 1BR, 1B condo in Mill Valley for $455,000, a 2BR, 1 B condo in Greenbrae for $469,000 and a 2 BR, 1 B condo in Corte Madera for $459,000.

1 comment:

Anonymous said...

Damn, this is depressing for me.