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Pleasanton Ability to Pay for Housing Above 80%AMI
<br /> Number of Persons in Household 1 2 3 4
<br /> 180% of Area Median Income
<br /> Annual Income Limit $158,220 $180,900 $203,490 $226,080
<br /> Monthly Income $13,185 $15,075 $16,958 $18,840
<br /> Max. Monthly Gross Rent' $3,956 $4,523 $5,087 $5,652
<br /> Max. Purchase Price 5% down2 $682,600 $786,900 $890,600 $994,500
<br /> Max. Purchase Price 20%down3 $917,400 $1,057,600 $1,197,000 $1.336.900
<br /> 200% of Area Median Income
<br /> Annual Income Limit $175,800 $201,000 $226,100 $251,200
<br /> Monthly Income $14,650 $16,750 $18,842 $20,933
<br /> Max. Monthly Gross Rent' $4,395 $5,025 $5,653 $6,280
<br /> Max. Purchase Price 5% down2 $763,300 $87:-; 300 $994,700 $1, 10,100
<br /> Max. Purchase Price 20% down3 $1,026,000 $1,181 .0 $1,336,910 $1,492,000
<br /> Notes:
<br /> 30%of income devoted to maximum monthly rent or mortgage payment, including utilities, taxes,and
<br /> insurance
<br /> 2 Assumes 95% loan (i.e., 5%down payment)@ 2.875% annual interest rate and 30-year term
<br /> 3 Assumes 80% loan (i.e., 20% down payment) @ 2.875%annual interest rate and 30-year term
<br /> ° Red text indicates that the maximum monthly rent or mortgage payment is lower than the median
<br /> monthly rent($2,290) or typical home value in Pleasanton ($1,584,380), meaning that those units are
<br /> not affordable to the applicable household. Values shown in black represent units that are technically
<br /> affordable to the applicable household based on income and household size.
<br /> Source: HCD, Zillow Mortgage Calculator
<br /> Of the estimated 29,000 households in Pleasanton, there are there are approximately 1,799
<br /> Pleasanton households that earn 81-100 percent AMI (6.2 percent of total households), and a
<br /> considerably greater number of households earning between 100 percent and 180 percent
<br /> AMI.5
<br /> To provide some context, some examples of occupations for a four-person household earning
<br /> 81 percent to 180 percent AMI with two working adults include6:
<br /> • Retail supervisor ($50,430/year)
<br /> • Automotive mechanics ($61,560/year)
<br /> ▪ Transit bus driver ($61,810/year)
<br /> • Licensed vocational nurse ($74,520/year)
<br /> • Paralegals and legal assistants ($75,820/year)
<br /> • Teachers (elementary, middle, and high school) ($86,200-$92,940/year)
<br /> . Accountants ($101,090/year)
<br /> ▪ Physical therapists ($103,350/year)
<br /> 5 While 20,688 Pleasanton households earn over 100 percent AMI, there is no readily available data that provides
<br /> a more refined breakdown of household incomes over 100 percent AMI and up to 180 percent AMI.
<br /> 6 Source: BLS DEWS, San Francisco-Oakland-Hayward MSA, May 2020, City of Pleasanton
<br /> Housing Element Update, P21-0751 Planning Commission
<br /> 5 of 10
<br />it is $2,278,
<br /> $2,700, and $3,550, respectively.
<br /> 4 Table 1 assumes an interest rate 2.875 percent for purposes of calculation of the mortgage payment. While this
<br /> rate may be feasible under some market conditions, current interest rates are higher.
<br /> Housing Element Update, P21-0751 Planning Commission
<br /> 4 of 10
<br />y detached units to be
<br /> comprise 60.5 percent of Pleasanton's housing stock; it also estimates population density at 2.85 persons per
<br /> household.
<br /> Housing Element Update, P21-0751 Planning Commission
<br /> 2 of 10
<br />viating from a strict or literal interpretation and enforcement of PMC
<br /> Section 18.88.050 should not be required.
<br />first finding can be made.
<br /> P21-0715/P22-0126, Lighthouse Baptist School Planning Commission
<br /> 9 of 13
<br />ll applicable City permits for the
<br /> ;r�?� eoperation.,
<br /> �a •,��_ •�;;;.! �.3:S.t^ prior to the commencement of o;�Ft!'u
<br /> •
<br /> r '.ti . ii "I' 6. tic alcohol shell be consumed outside e the establishment.
<br /> .
<br /> ;- - nee,',. 7. Outdoor trash dumping shall not occur between the hours of
<br /> " f�,:,; the Planning
<br /> .tj:.:' . 10:00 ' a.m. , unless '.'t is ld b;:
<br /> r, p.m. rind v:JO
<br /> ' • ' ., r- that the sound levels from dum¢�..ng trash are less
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