You need to make at least $113,000 to buy a median-priced home in SLO County

Only a quarter of San Luis Obispo County residents can afford a median-priced home on the Central Coast, according to a report issued by the Los Angeles-based California Association of Realtors.

In the county in the first quarter of 2017, 26 percent of residents could afford a median-priced $550,000 home, according to the report.

Statewide, the number was 32 percent for a median-priced $496,620 home, the report said.

In order to make monthly payments of $2,830 — which includes taxes and insurance — prospective SLO County homebuyers needed to make at least $113,020 a year, the report said.

But here’s some good news: Our county isn’t the least affordable place to buy a home in California by a long shot. The least affordable county in California is San Francisco, where just 13 percent of residents can afford a home, followed by Santa Barbara, San Mateo, Santa Cruz and Marin counties.

This story was originally published May 17, 2017 at 4:25 PM with the headline "You need to make at least $113,000 to buy a median-priced home in SLO County."