The Workforce Housing Challenge
in Santa Barbara
what is workforce housing income?
120% - 200% of the Average Median Income (AMI) = $85,392 - $140,320
What is the AMI and the Median home price in Santa Barbara?
AMI
$71,160 for a family of 4
Source: Data USA
MEDIAN HOME PRICE
$1.2 Million
Source: SBAOR
What is the conventional process for purchasing a MEDIAN PRICED home?
20% down payment, with monthly payment at or below 30% of income
Conventionally this would be a monthly housing payment of $1,779 per month
INTEREST RATES
4.25
Source: New America Funding
CONVENTIONAL DOWN (20%)
$240,000
Source: N/A
payment on a 30 YEAR FIXED loan (30% or less)
$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
Other interesting numbers:
RENT VS OWN
40.7%
Source: Data USA
Permits issued in 2018
350
Source: Noozhawk
Units needed by 2023
3,083
Source: Noozhawk