RES 82425 - Laserfiche WebLink

MODERATE INCOME, HOUSIN~ IN PLEASANTON Introduction Moderate income households (those ear;ling between 80%-120% of the Bay ;' ~ _g_a me,~an household income) have traditionally found adequate and "affordable" housiITq in rental apartments and detached homes ~nc, until recently, less expensive for sale units. 'Iod~y a moderate household~nc.~,.~ ~e. ~or a ~amiiy of four in the Bay Area is '-~.~.w-~.~. ~,4,~00~ ' ado- e~e~.0~.e~ - ' S~2h households are ge~era]!y belie~ed tn b<~ able ho a, fc .... a,enthly housing payments between $508 and $762 at the 25% of ~ ...... s monthly income stan- a..rd which i~ci.~des ~' ~'e~'= if 33% "affordable" monthly housing payment for population becomes $578 to $1017. Wh%le ~tandard is applied the 'this ~' ~ oegmen~ of the the incomes of these households appear sufficient in securing a wide range of rental housing, the supply of such housing is dwindling. The lower end of prices for "for-sale" housing~ both new and used, appears out of reach to these households, especially in Pleasanton. As an example, at the extreme bottom of the "fop-sa]e" housing market in Pleasanton on,- might find an elder ietached unit or a converted condominium suitable to house a famill; of four' for $90,000. If one were able to pu~- down 15% of the sales price ($13,500) and find fis.?-i rain ftrancing ak 16% ~h~ m-~nthly mortgage payment would be approximately $1030~ This figll~r~ would ~}ot include utility ~ayments and ['et weu!i exceed !!% of the g?oss monthly i}icome of a household mak~.ng 120% o~ tho regional median income. in short, r~ot even ~]ie "chcapest" ~oF s1]e ],omo ~n Pleasanton may be "aff'ordahln h" a fnmJ !y '..~%!o is ",nrnLng 20% mere than the "average" [amil. y {n "-"~ Pay ;',rea.