Least Affordable Housing Markets in the US
The Center for Housing Policy (CHP) has released a study about the least affordable cities in the US. EVERY ONE of the TOP 10 cities is in CALIFORNIA!! Wow! LA is #13. The top 10 looks like this:
1) San Francisco, CA
2) Orange County, CA
3) Santa Cruz, CA
4) San Jose, CA
5) Salinas, CA
6) Santa Barbara, CA
7) Oakland, CA
8) Santa Rosa, CA
9) San Luis Obispo, CA
10) San Diego, CA
Out of the top 20, there are 14 California cities listed! You can see the article and list of cities here.
If you go to the CHP website, there is an interesting interactive database called Paycheck to Paycheck that allows you to "See how workers in your metropolitan area are faring in the housing market; View the big picture for housing affordability for working families in various occupations across the country; and Use these analyses as a template to examine wages and housing costs in neighborhoods in your community."
Basically, you select the area you want to know about, then you can view the income for an occupation (say, school teacher, nurse, etc) and see how that income fares in comparison with the annual income needed for median-priced housing in that metropolitan area.
It's really interesting! Try it!
Oh yes ... the Feds raised interest rates yesterday
To the surprise of no one, the Feds raised interest rates for the tenth consecutive time to 3.5%. You can read the press release from the Federal Reserve Board here.