According to the California Association of Realtors, interest rates are on the rise in Long Beach. Apparently, they have not been this high since the summer of 2002. The Association believes that this increase is due to inflation and interest rate expectations. However, don’t give up on your dream of owning a home in Long Beach just because of high mortgage interest rates. Keep reading to find out how you can determine and use your economic standing in the California marketplace.
Quick Long Beach Housing Facts
Percent of Homeowners in Long Beach: 56.9%
Percent of Renters in Long Beach: 43.1%
Median Long Beach Household Income: $47,493
Average Long Beach Credit Score: 674
Best Cities to Live in California: Mill Valley, Coronado, Saratoga, Santa Barbara, Benicia
Median Long Beach Home Value: $211,500
How Much Real Estate Can I Afford In Long Beach?
The Long Beach housing market is expensive, but that doesn’t mean that you have to be George Lucas to afford a home there. It’s simply a matter of determining what you can realistically afford. Luckily, we can offer you help in that department. We’ve created a little checklist of things you need to do or think about in order to determine how much house you can afford in Long Beach. By the end of the list, we’re sure you’ll feel more confident about your buying power in Long Beach.
- Decide how much you want to spend on your monthly payments. Be sure to consider your income, expenses, and lifestyle when determining this factor. Being realistic now can save you trouble later.
- Read up on different payment plans. If you’re new to mortgages, read up on Fixed Rate Mortgages and Adjustable Rate Mortgages first. Most of the rest of the programs build from there. Don’t forget to read up on government insured plans too!
- Find out what current interest rates and property taxes are in Long Beach.
- Check out our online mortgage calculators and do a little number crunching.
Refinancing In Long Beach
Refinancing is an awesome mortgage tool, especially for Long Beach residents. A refinance is a new mortgage that repays and replaces your existing mortgage. The real kicker is that a refinance always comes with a lower interest rate. So if you want to buy in Long Beach when interest rates are high, keep in mind that you always have the option of refinancing later.
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