Why is this important?
A diverse supply of adequate, affordable housing for residents
at all income levels is essential to a healthy community.
What is the measure?
The Housing Opportunity Index (HOI) as calculated by the National
Association of Home Builders assumes a family can afford to spend
28% of its gross income on housing. However, the County uses 33%
and Sonora uses 45% for first time homebuyer programs.
How are we doing?
While homes are bought and sold in the county that cost less than
the May 2008 median home price of $304,000 (down from $379,000 in
May 2005), local real estate transactions indicate that no families
of median income can afford the current median home price.
Using the HOI, a Tuolumne County family of four making the median
income would fall short of affording the median priced home by $328
per month. This gap between income and the cost of a home shrunk
from $368 in 2005, partly because of the dramatic downturn in the
housing market.*
In February 2008 13 homes sold on the open market for less than
$300,000; 4 of them sold for less than $200,000. That compares to
2005 when there were very few homes for sale in the same price range.
Permits for rehabilitations on homes have remained steady since
2005.
|
