Affordable housing just got a lot more affordable. Imagine your own cozy new home in a master planned community with its own hospital, school, post office, community hall, play ground and landscape garden. Okay, so cozy is a bit of an understatement, with homes in Tata's Nano Housing development measuring 283 square feet and the location being 61 miles away from Mumbai. Will Tata come to the U.S.? Probably not for a while. Read about Tata's Nano Housing launch here.
Now back to reality. The reality is that housing in the U.S. is suddenly quite affordable. In California, where affordability dropped to less than 15% in the boom, affordability is at an all time high. More Californians can afford a home than at any points since the California Association of Realtors started tracking housing affordability.
Now 61% of the population can now afford to own their own new homes in Sacramento. This same affordability can be seen in the prices of new homes in Riverside and San Bernardino. There, 56% of families can afford to buy. With the added $8,000 federal tax credit for first time home buyers and the $10,000 incentive from California, there really is no better time to buy.
Will you find a home for $7,945? Not likely, but you probably make more than the average call center rep in India ... and you probably want a little more space.
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Blair Kuhnen
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