SLO County ranked third most expensive place to live
August 20, 2010
San Luis Obispo County continues to be third on the list when it comes to being the least affordable place to live in the United States, according to a study conducted by the National Association of Home Builders.
Of the 277 metro markets evaluated in the study, only New York City and San Francisco were ranked less affordable than SLO.
The study focuses on median incomes and median home prices.
According to the study, SLO County’s median home price during the second quarter of 2010 was $359,000. With an average county family income of $72,500, only 31.6 percent of the homes in San Luis Obispo County were affordable to county families during that time.
In addition, SLO County continued to lead the nation as the least affordable smaller housing market during the second quarter of 2010. This was the fifth consecutive quarter that SLO County has received the dubious honor.
Syracuse, N.Y., with a median income of $64,300 a year and a median home price of $88,000 was rated the most affordable place to live in the country.