You Can Not Afford to Buy a Home in The Coachella Valley

By: Images Money
By: Images Money

Does it feel like you will never be able to live the dream of home ownership? You are not alone. The Housing Affordability Index (HAI) shows that only 3 in 10 California families can afford to buy a home in California…

housing affordability index

While you have a slightly better chance to be able to afford a home in Riverside County (4 in 10) – that is for the entire county (thanks for bringing down the average home price Cabazon!).

You are also going to have to wait a while. Dr. Housing Bubble found that the average age of a home buyer is getting older:

There is likely more recent data but what you find is that overall, the age of buyers has gone up especially for repeat buyers…For some the goal is to buy a home in a good area to raise a family. At 40 biology might make it tougher but then again, 37 percent of buyers were single.

Those with teaching positions are very unlikely to own a home – as a whopping 83% of homes are above a teacher’s price range in the state (but, hey thanks for dedicating your lives to our children’s future).

Of course living in The Coachella Valley, you also have the added issue of Canadians buying up everything – so I hope you enjoy renting as you will be doing it for a while forever.