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SLO County Second Least Affordable Region in StateFriday, August 18, 2006San Luis Obispo County was the second least affordable region in the state for first-time homebuyers, the California Association of Realtors reported Thursday.The percentage of households in the second quarter of 2006 that could afford a median-priced home in that period was 17 percent, compared with 23 percent for the previous year, according to the association's new quarterly housing affordability index. Santa Barbara was the least affordable region at 14 percent; the High Desert region was the most affordable at 39 percent. Only 23 percent of first-time buyers in California could afford the median-priced home in the second quarter of this year, compared with 30 percent for the same period in 2005. The minimum household income needed for first-time buyers in California to purchase a $482,000 home in the second quarter was $98,720. That's based on an adjustable interest rate of 6.48 percent and a 10 percent down payment. San Luis Obispo County residents would need to have a higher household income - $103,290 - to afford the second-quarter median price of $504,350. Article: Housing Affordability for First-Time Buyers Down in California Tags: San Luis Obispo Central Coast Real Estate |
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