SLO County News BlogGolf, Wine, Real Estate, Business & Travel NewsSLO Home AffordabilitySaturday, February 12, 2005Affordability gauge flatThe Tribune, Leslie E. Stevens The ability of local residents to afford a San Luis Obispo County home remained unchanged in December at 14 percent, the same level it's been for most of the year, according to figures released Thursday by the California Association of Realtors. The index, which measures the percentage of households that can afford to purchase the county's median-priced home, has fluctuated between a low of 13 percent in September to an annual high of 20 percent in March and April when median prices briefly dipped below $400,000. Homebuyers would need an income of almost $111,000 to afford the county's $475,610 median-priced home in December based on a traditional 30-year mortgage at 5.76 percent interest, assuming a 20 percent down payment. That's nearly twice the county's median family income of $61,700 last year. One result has been a slowdown in the number of county home sales. While December's median home price rose 15 percent year-to-year, the number of home sales dropped 18.5 percent in the same period, according to the state association. Home prices and affordability also vary greatly around the county. Pismo Beach is home to the county's steepest prices with a median of $730,000 in December, while Oceano was most affordable at $397,500, according to local multiple listing service figures. Statewide, the median home cost $474,480 in December and was affordable for 19 percent of California households. At 41 percent, the High Desert was the state's most affordable region, while Santa Barbara came in as the least affordable at 9 percent. Nationally, 55 percent of Americans earned the $44,000 income needed to purchase the country's median-priced home of $188,900. Prices rise in most towns Median prices of previously owned homes in San Luis Obispo County increased an average 15 percent between December 2003 and December 2004, according to the California Association of Realtors. Following is a breakdown of how individual cities and communities fared during the same time period. Location Median price, Percent Dec. '03 vs. Dec. '04 change Cambria $769,000/$577,500 - 25% Cayucos $652,000/$685,000 +5% Morro Bay $492,000/$515,000 +4.7% Los Osos $419,750/$419,900 unchanged San Luis Obispo $523,000/$593,500 +13.5% Pismo Beach $600,000/$730,000 +21.7% Grover Beach $435,975/$462,000 +6% Arroyo Grande $575,000/$662,425 +15.2% Oceano $383,500/$397,500 +3.7% Nipomo $459,900/$512,000 +11.3% Atascadero $387,000/$459,950 +18.9% Templeton $414,000/$550,000 +32.9% Paso Robles $376,200/$430,000 +14.3% Countywide $413,640/$475,610 +15% Read More
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