The Home Ownership Challenge in Santa Barbara
What is the median AMI and home price in Santa Barbara?
AMI
$71,160
Source: Data USA
MEDIAN HOME PRICE
$1.2 Million
Source: SBAOR
What is the conventional price for purchasing a MEDIAN PRICED home?
INTEREST RATES
4.25
Source: New America Funding
CONVENTIONAL DOWN
$240,000
Source: N/A
30 YEAR FIXED
$4,722/Month
Source: N/A
In order to purchase thE median priced home, what kind of income would you need?
CONVENTIONAL MONTHLY INCOME
$14,166
Source: N/A
CONVENTIONAL ANNUAL INCOME
$169,992
Source: N/A
MEDIAN PROPERTY VALUE
$934,000
Source: Data USA
Conclusion? The average person in Santa Barbara cannot afford a home of average price.
This is where the Coastal Housing Commission comes in. Blah, blah, blah. This affects the high portion of people who rent versus own.
RENT VS. OWN
40.7% OWN
Source: Data USA