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<br />Census (see Table 12), the median worker household can afford only about five percent of
<br />Pleasanton's for-sale housing.
<br />
<br />Table 18: Affordable Sale Prices and Monthly Rents, Alameda County 2005
<br />
<br /> :.1Iercent of
<br /> Household Sale ~ecent Sales Monthly
<br />Household lncomefTvpe ncome Price (a) Affordable ee) Rent (b)
<br />50 Percent AMI
<br />2 Person HH $33,100 $122,795 0.0% $830
<br />4 Person HH $41,400 $153,586 0.0% $1,040
<br />80 Percent AMI
<br />2 Person HH $53,000 $196,620 0.0% $1,330
<br />4 Person HH $66,250 $245,775 0.2% $1,660
<br />100 Percent AMI
<br />2 Person HH $65,750 $243,920 0.2% $1,640
<br />4 Person HH $82,200 $304,946 1.9% $2,060
<br />120 Percent AMI
<br />2 Person HH $78,900 $292,704 1.6% $1,970
<br />4 Person HH $98,650 $365,973 5.7% $2,470
<br />150 Percent AMI
<br />2 Person HH $98,625 $365,880 5.7% $2,470
<br />4 Person HH $123,300 $457,419 11.8% $3,080
<br />170 Percent AMI
<br />2 Person HH $111,775 $414,664 9.6% $2,790
<br />4 Person HH $139,740 $518,409 16.1% $3,490
<br />200 Percent AMI
<br />2 Person HH $131,500 $487,840 14.2% $3,290
<br />4 Person HH $164,400 $609,893 26.1% $4,110
<br />
<br />Notes:
<br />(a) Assumptions for ownership calculation are.
<br />Mortgage terms:
<br />Annual Interest Rate (Fixed) 7.0%
<br />Term of mortgage (Years) 30
<br />Percent of sale price as down payment 5.0%
<br />Initial property tax rate (Annual) 1.10%
<br />Annual insurance rate as percent of sale price 0.75%
<br />Percent of household income available for PITI 35.0%
<br />Homeowner's Dues $0
<br />(b) Affordable rents are 30 percent of gross income, including utility payments.
<br />(c) Percentage of full and verified sales identified from First American Real Estate Solutions (FARES) for 2004
<br />and 2005, see Tables B-3, B-4
<br />Sources: Califomia Department of Housing and Community Development, Bay Area Economics, 2005.
<br />
<br />Pleasanton Economic Development Background Report
<br />FINAL - January 2006
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<br />31
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