SLO ranked the most unaffordable home market

April 22, 2017

San Luis Obispo has the most overleveraged mortgage debtors in the country, according to a report by WalletHub researchers.

In San Luis Obispo, the average annual income is $16,565 while the median home price is $546,200 pricing most residents out of the homeownership market. The median mortgage debt in SLO is $333,641, according to the report.

Coming in second for mortgage holders who are overleveraged is Williamsburg, Va.; Brooksville, Fla.; Bay Point, Calif.; and Willis, Texas.

As for the most underleveraged homeowner markets, Decatur, Georgia led the pack with an average annual income of $56,026 and a median home price of $365,900 followed by Bronxville, N.Y.; Naples, Fla.; and Homosassa, Fla.

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AGDUDE

05/10/2017 3:06 pm

Could it be The high cost of permit fee’s ..and red tape HMMMM .. Pismo Beach all the BS you can lump on a plan check, $86,0000.00 prior to moving one grain of sand sports fans ..

86 Grand for a permit … Smoke That… Batman! those are the facts

copperhead

04/23/2017 5:23 pm

I checked their website and there is no explanation as to why thee “average income” is so low compared to reality. Are they counting wealthy retired people and college kids as $0, thereby crushing the averages?

That said, if you are over 21 and earning $16565 per year or less, it is time to rethink your career choices and increase your value to the market place.

Maybe increase taxes and give government employees a raise so those numbers for average income can increase.

demiseofslo

Reply to copperhead

04/25/2017 3:28 pm

Pay the government employees MORE money?!

Worst idea ever!!

DPINC

04/23/2017 2:15 pm

I lived in a 17ft trailer ,then 34 ft motorhome paid 1500.00 for m/h at a vampire village 450 space rent , prior to that i lived in my office . Worked 7 days a week 14-16 hr days for years kept saving my dough finally found and actually bought a foreclosure ,, very hard to get a purchase of a foreclosure lots of sharks bidding . Paid 70 for 1 modern home and 2nd older home both on 1/2 acre lot , modern home in excellent condition in no.ca in town ,, but now i commute 700 miles a week , in future i will rent both out buy closer to my work , all an uphill battle but in the end i will succeed , when i do sell them i will either trade them or hold the note ,,win win !!! A friend bought 2 homes in oceano a foreclosure on 1 lot for 80 5 years ago i still cant figure out why the realtor did not buy them using invisible buyer or family member , but my friend got very lucky , they are rented out now .