Jesus...From the Sacramento Business Journal:
Excuse me while I go cry ... and dream of imaginary rich relatives who might leave me a ton of cash after they quietly pass away after living a long, happy and fulfilled life.
Please note, this is not a plea for how-to-buy-a-house-in-an-overpriced-market-when-you're-not-lucky-enough-to-have-relatives-to-help-you-out advice...I'm just venting...that's all.
The median price of a home in Sacramento was $346,950 in January, actually $880 less than in December. But the median price was $262,210 in January 2004 -- a difference of $84,740.
Still, Sacramento remained the second-most affordable region in the state behind the High Desert region, where 39 percent of households could afford a median-priced home. The Santa Barbara region was the least affordable in January, at 7 percent.
The minimum household income needed to purchase a median-priced home in California -- at $485,700 -- was $113,340, based on an average effective mortgage rate of 5.78 percent and assuming a 20 percent down payment.
Excuse me while I go cry ... and dream of imaginary rich relatives who might leave me a ton of cash after they quietly pass away after living a long, happy and fulfilled life.
Please note, this is not a plea for how-to-buy-a-house-in-an-overpriced-market-when-you're-not-lucky-enough-to-have-relatives-to-help-you-out advice...I'm just venting...that's all.

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