San Luis Obispo County makes the top 10 unaffordable list
August 16, 2014
San Luis Obispo County is in the top 10 least affordable places to live in the United States, according to a study conducted by the National Association of Home Builders.
Of the 277 metro housing markets evaluated in the study, all but one the top five small housing market and top five major housing markets were in California. San Francisco was the least affordable with only 11.1 percent of homes sold in the second quarter being affordable to families earning the area’s median income of $100,400.
The study focused on median incomes and median home prices.
According to the study, SLO County’s median home price during the second quarter of 2014 was $440,000. With an average county family income of $77,000, only 22.2 percent of the homes in the county were affordable during that time.
Cumberland, Md with a median income of $54,100 a year and a median home price of $91,000 was rated the most affordable place to live in the country.
The national median home price increased from $195,000 in the first quarter of 2014 to $214,000 in the second quarter. During the same time period, average mortgage interest rates decreased from 4.57 percent to 4.44 percent.
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