Monday, May 08, 2006

Expensive housing

Housing news:
In 2005, the least-affordable place in the country to live, measured by the percentage of income devoted to mortgage payments, was Salinas, Calif.

The second was the Santa Cruz-Watsonville area of California.

The third? Santa Rosa-Petaluma, Calif.

In fact, California has the distinction of having the 11 least-affordable metropolitan areas in the country.
California is growing, mainly from immigrants and foreigners. I wonder how people afford to own homes here.