Buying a home in San Luis Obispo County remains out of reach for many people locally.
But as housing prices slide, housing affordability is improving here, according to the California Association of Realtors’ latest housing affordability index.
The percentage of buyers who could afford to buy a median-priced, single-family home in the county rose to 40 percent in the first quarter of this year, up from 37 percent in the fourth quarter of last year and 34 percent in the first quarter 2010.
Buyers in the county would need to have a minimum annual income of $74,920 to qualify for the purchase of a $347,110 median-priced home in the first quarter of 2011. The monthly payment, including taxes and insurance, would be $1,870.
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It’s a trend that’s taking hold statewide.
The percentage of buyers who could afford to buy a median-priced, single-family home in California rose to 53 percent in the first quarter of this year, up from 50 percent in the fourth quarter of 2010 and 50 percent in the first quarter of last year, according to the association’s index.
The Central Valley was the most affordable region of the state. Merced posted an affordability index of 76 percent, Tulare County at 72 percent, and King County and Sacramento County, both at 71 percent.
The San Francisco Bay Region was the least affordable region, with San Francisco, Marin and San Mateo counties at 25 percent, 27 percent and 28 percent, respectively.