The State Of Affordable Housing In Orange County PDF Download

Using the most recent available data, this report attempts to identify: • The dimensions of Californias housing problems; • The impact of the states housing problems on low and middle income Californians; • The causes of the current crisis; • The variation of housing problems among regions and population groups; and • The role public policies can play in supporting affordable housing. [...] Since the mid-1980s, incomes of the bottom 60 percent of Californias families have fallen after adjusting for inflation.7 The substantial growth in the incomes of the wealthiest Californians has actually worsened the states housing crisis, since those households have bid up the price of both homeownership and rental housing. [...] Incomes Have Failed to Keep Pace with the Rising Cost of Housing Over the past decade, the cost of rental housing has risen faster than inflation in the states two largest metropolitan areas and faster than the incomes of the average California family. [...] Nationally, 55 percent of households could afford to purchase the median priced home in 1999, as compared to 37 percent of California households.18 While the affordability of homeownership remained constant between 1998 and 1999 for the nation, the share of California households able to afford the median priced home dropped three percentage points during the same period. [...] 19 California, the share of homes affordable to median income households ranged from 45 percent in Santa Barbara to only 11 percent in San Francisco.19 The income needed to purchase the median priced home ($63,532) far exceeds the income of the median California household ($40,934 in 1998).20 In other words, the median California household earns less than two-thirds the income needed to purchase t.