In a recent study, California’s Association of Realtors (C.A.R.) measured the percentage of households that can afford to purchase a median-priced, single-family home in California. This index is considered the most fundamental measure of housing well-being for home Buyers in the state. Here are their findings for the North Bay Counties as of Q3/2021:
NAPA
- Median Home Price: $930,000
- Monthly Payment incl. taxes & insurance: $4,230
- Minimum Qualifying Income: $169,200
SONOMA
- Median Home Price: $765,000
- Monthly Payment incl. taxes & insurance: $3,480
- Minimum Qualifying Income: $139,200
LAKE
- Median Home Price: $352,000
- Monthly Payment incl. taxes & insurance: $1,600
- Minimum Qualifying Income: $64,000
MENDOCINO
- Median Home Price: $554,000
- Monthly Payment incl. taxes & insurance: $2,520
- Minimum Qualifying Income: $100,000
If you’re in need of a mortgage loan, but do not qualify for a conventional loan from a bank or financial institution, consider a privately funded loan from the Investors at Sun Pacific Mortgage. Call us at 707-523-2099 to discuss your options or visit our website at www.sunpacificmortgage.com.