Local

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

New homes under construction at Trilogy at Monarch Dunes in Nipomo in October 2016.
New homes under construction at Trilogy at Monarch Dunes in Nipomo in October 2016. jjohnston@thetribunenews.com

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.

Gabby Ferreira: 805-781-7858, @Its_GabbyF

  Comments