Three years ago we sold a condo in CA to a schoolteacher. Her principle, interest, taxes, and condo fee were to total $1850 per month. We had been getting $1300 for rent.
The state of CA had a program to help teachers afford housing..and she barely qualified.
We sold because we thought the market was starting down and the unit is now worth 30% less. She should have stayed renting. Many nearby units are now in foreclosurer.
Yeah, I agree. I am originally from CA myself and know how high the CA Home rates are. I am 42, military now stationed in El Paso, TX. I still do not own my own house, but have found the market in TX much easier to handle on even my salary.