http://www.iSteve.com/05JanC.htm#blue.california
Why the land of Nixon and Reagan votes solidly Democratic now: Youngish Southern Californians can't afford to buy a house, so they postpone getting married and having kids, all processes that make people confirmed Republicans. The LA Times reports:
The percentage of households in Los Angeles County able to afford a median-priced home of $474,570 was 17% in November, down from 23% a year ago when the median was $382,190, according to the latest figures reported by the California Assn. of Realtors. The Orange County median for November was $633,340, with only 13% of households able to afford a residence, down from 18% a year ago...
"With a $450,000 median home price," said Leslie Appleton-Young, chief economist with the California Assn. of Realtors, "if you can save 20%, do the math. How many first-time buyers have access to that kind of money?"
Not only does a buyer need a hefty sum for a down payment, L.A. County buyers needed an income of $109,971 to qualify for a 30-year fixed-rate loan with 20% down on a median-priced home in November. In Orange County, the annual income needed was $146,763.
Also, 20% down on the $475,000 median price house in LA County is $95,000 in cash. In Orange County, you need $127,000 in cash on hand.
On the other hand, it was 75 degrees and sunny today in SoCal and the hills, for once, are as green as Ireland.
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