It appears the average income to buy a home today is $117,000 annually. This is up $20,000 from a year ago and the two obvious culprits are the increase in interest rates PLUS the increase in home prices.
This is why we are seeing friends and families pool together to purchase homes. What is happening is that buyers will pool their resources together and buy either 2 homes on a lot or a home on a big lot and construct a 2nd home or make the existing home larger so that two families can live on the same property. In Spanish we call this . . . together but not scrambled together . . . LOL (“Juntos pero no revueltos)
If you are thinking of buying or selling and right-sizing your home, call me because there are many options today for homeowners. There is also an option where the State of CA is giving $40,000 grants for those that wish to build on a second property onto their property and/or convert their garage into living quarters.
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