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SEARCH MAIN MENU Transaction Center Time to bring it home. Find zipForm®, transaction tools, and all the closing resources you'll need. Except for the champagne — that's on you. Learn & Thrive Take your professional development up a few notches. H
THE ASSUMPTIONS AND METHODOLOGY USED TO CALCULATE C.A.R.'S HOUSING AFFORDABILITY INDEX FOR FIRST TIME BUYERS (HAI-FTB)
Step 1. MEDIAN PRICE: C.A.R.'s housing affordability index is based on the median price of existing single-family homes sold from C.A.R.'s monthly existing home sales survey. Starting in 1987, this survey is based on reports of closed escrow sales from 80 Boards or more of REALTORS ® and multiple listing services around the state. Prior to 1987, the survey was based on reports from 45 Boards. A FIRST-TIME BUYER is assumed to purchase a home at a price equal to 85 percent of the prevailing median price for existing homes.
Step 2. DOWNPAYMENT: A FIRST-TIME BUYER is assumed to make a 10 percent downpayment. Therefore, the loan amount needed to purchase a home would be 90 percent of the median home sales price.
Step 3. INTEREST RATE: A FIRST-TIME BUYER is assume...