Homeownership in Santa Clara possible for more residents

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Homeownership in Santa Clara possible for more residents

September 2, 2010 - Real estate brokers in Santa Clara say that moving into a home in the city is becoming affordable for more people.

About 51 percent of households in the city can afford to purchase an entry-level home, reported the California Association of Realtors. The median price for a first home in Santa Clara was $585,500 in the second quarter. A person looking to purchase such a home would need a minimum income of about $85,250, said the report, leaving the cost of an entry-level home in the city within many residents' grasp. The report assumed that a buyer would secure a mortgage at a 4.09 percent rate with a 10 percent down payment.

The city has been able to turn around its financial fortunes significantly since 2007, when only about 25 percent of its residents could afford to make a short-distance move into a new home. The affordability index for residents in Santa Clara peaked at 62 percent in the first quarter of 2009, said the report.

Moving activity in Santa Clara County seems to be improving. According to MDA DataQuick, year-to-year home sales in the county increased 9.18 percent as of July.

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