SLO’s housing market: 3 numbers to know
In more ways than one, life here on the Central Coast mirrors some of California’s best qualities — limitless outdoor opportunities, constant sunshine and easy access to the Pacific Ocean.
But, the financial drawbacks of the Golden State also have to be weighed for anyone considering living here, as shown in a report last month stating that only a quarter of San Luis Obispo County residents can afford a median-priced home here.
It’s a statewide issue, and others have taken notice.
Another desirable location, Hawaii, finished dead-last for the seventh consecutive year.
The ranking is based on five factors: median income, cost of living, unemployment rates, state income taxes and workplace safety.
MoneyRates.com said the challenges in California are similar to Hawaii in that, “a fairly high median wage it devalued by a high cost of living and high state income taxes.”
The breakdown for California: median income ($40,920), state tax on average income (2.2 percent), unemployment rate (4.9) and incidents per 100 workers (6.0).
With no state income tax and the fourth-highest median income at $43,400, Washington took the No. 1 spot, beating out the 2016 winner, Wyoming.
Minnesota came in second, followed by Illinois, Texas and Colorado.
The five worst states to make a living in were Hawaii, California, Montana, West Virginia and Vermont.