November 28, 2007

California beats New York in being unaffordable! WOOT!

Recordnet.com: S.J. sales prices holding steady
Statewide, just 12.6 percent of all the homes sold could be afforded by a median-income family, up from 11.7 percent in the second quarter, the group said.

Of 65 metropolitan areas ranked for affordability across the nation, San Joaquin County ranked 22nd, with 11.3 percent of median income families – at a median annual income of $60,300 – able to afford a median-priced house of $348,000.

California accounted for nine of the 10 least affordable metro areas in the country: Napa, Los Angeles, Salinas, Anaheim, San Luis Obispo, San Francisco, Santa Cruz, Merced and Santa Barbara.

Only outsider New York City made it into that group at the No. 7 spot.

This is a classic case of good news/bad news.

The good news is that California holds 9 of the 10 least affordable metro areas in the country. That’s 90%. New York City, which has nothing compared to California is at mere #7 HAH. Take that. We rule unaffordableness! Golden State stomps on the Big Apple and turns it into applesauce!

The bad news is that California became more affordable – going from 11.7% to 12.6%. I was really hoping that Santa would deliver a single digit affordability rate this year. Like 9.8%.

Here’s to hoping that 2008 will bring us there. I think there’s a good chance after the Superbowl – everyone knows that prices go up after the Superbowl.

What do you think?

Comments (6) -- Posted by: burbed @ 4:32 am