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The Affordability Gap— Homeowner Housing <br /> etiti <br /> ,,, Home purchase prices have also been rising extremely quickly, <br /> �e putting homeownership out of reach for even many middle <br /> income and above households. When these households cannot <br /> afford to purchase homes, they either stay in the rental market, <br /> vim reducing the number of units which would otherwise be <br /> NM available to households with less income, or move out of their <br /> communities and even out of the County in order to find homes <br /> 1 they can afford. Across the County, home sales prices are <br /> exceeding the pre-recession prices. In terms of prices, this <br /> segment of the market has fully recovered from the recession, as <br /> shied6e4H. <br /> , shown by the graph below: <br /> .i <br /> Single Family Median Sales Price, 2006-2015 <br /> Alameda County <br /> 5800,000 <br /> $711,000 <br /> $700,000 <br /> 5600,000 <br /> $600,000 $580,000 <br /> $500,000 <br /> —0i—Alameda County <br /> $400,000 <br /> $380,000 <br /> $300,000 <br /> $200,000 <br /> 2006 2010 2014 2015 <br /> Source: Multiple Listing Service(MLS) <br /> Projected Future Housing Needs <br /> The documented housing affordability gap and excessive housing cost burdens highlight current <br /> Alameda County residents' need for more affordable housing. At the same time,the County must <br /> also grapple with the need to accommodate the future housing demands of an increasing <br /> 5 <br />