SLO & Paso Rank Low on Affordability
The San Luis Obispo-Paso Robles area continues to be one of the least affordable regions in the country to buy a home, according to the National Association of Home Builders and Wells Fargo bank.
The San Luis Obispo-Paso Robles region ranked 211th out of 219 regions nationwide in terms of affordability for the first quarter of 2007. Less than 7 percent of local households could afford a median-priced home, which was listed at $504,000 in the study.
The median household income for this area was listed at $64,200.
Nationally, 44 percent of residents can afford a median-priced home in their area. The median is the midpoint on a scale.
Despite being listed ninth from the bottom of the list, affordability increased slightly locally from the second quarter of last year, when it dipped to 5.9 percent.
Indianapolis was named the most affordable area, with 89 percent of residents able to afford the median-priced home. California continues to be one of the least affordable places to buy a house — 17 out of the 20 least affordable regions are from the state. Napa, the Bay Area, Santa Barbara, Salinas and Los Angeles were all considered less affordable than San Luis Obispo County.