Sonora, Ca — Today the focus is on housing in our continuing series on the Tuolumne County Profile, Community Indicators Project.
The following was published by the Sonora Area Foundation, as it applies to housing:
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.
Click Community Indicators Project for a review of the entire 2008 Tuolumne County Profile.
Written by BJ Hansen