Tuolumne County Profile - Community Indicators Project 2008
Tuolumne County Profile Introduction Health and Safety Education and the Arts Natural Resources and Recreation Economy and Infrastructure Appendices Conclusion Acknowledgements

Housing


Source(s): City of Sonora Housing Element (www.sonoraca.com) and Tuolumne County Housing Element (www.tuolumnecounty.ca.gov) data as of 2005 updated on 5-year increments.


Click Here for current housing data


Click Here for current housing data

Why is this important?

A diverse supply of adequate, affordable housing for residents at all income levels is essential to a healthy community.

What is the measure?

The Housing Opportunity Index (HOI) as calculated by the National Association of Home Builders assumes a family can afford to spend 28% of its gross income on housing. However, the County uses 33% and Sonora uses 45% for first time homebuyer programs.

How are we doing?

While homes are bought and sold in the county that cost less than the May 2008 median home price of $304,000 (down from $379,000 in May 2005), local real estate transactions indicate that no families of median income can afford the current median home price.

Using the HOI, a Tuolumne County family of four making the median income would fall short of affording the median priced home by $328 per month. This gap between income and the cost of a home shrunk from $368 in 2005, partly because of the dramatic downturn in the housing market.*

In February 2008 13 homes sold on the open market for less than $300,000; 4 of them sold for less than $200,000. That compares to 2005 when there were very few homes for sale in the same price range.

Permits for rehabilitations on homes have remained steady since 2005.

Building a house

*Calculations based on a monthly median home mortgage of $1,925 and one-third of the monthly median income of a family of four being $1,597.

Community Indicators Project
Tuolumne County - Central Sierra Mountains