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: $462,126.15
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.
Showing posts with label first time homebuyer. Show all posts
Showing posts with label first time homebuyer. Show all posts
Wednesday, May 14, 2008
Here's What Marin's $116,626 Median Income Will Buy
Monday, March 10, 2008
How To Buy Your First House
The house cost $215,000. We put down 10 percent (we scraped together the $21,500 + points from money I inherited from my grandfather, our tax-refund checks and some cash we got at our wedding.)
About two seconds after the closing, the real estate market crashed and the value of our investment dropped 20 percent. Then the 7.8 percent teaser rate on our one-year ARM started going up every year. Then I had all those expensive children. So it was impossible to buy a bigger house with a nice yard. But we did in 1994, by looting our 401K accounts. (That time we didn't get contradictory advice—EVERYONE told us not to do it.) This time it worked. The real estate market slowly started to rebound and, eight years later, we sold it for twice what we paid. Read More......
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