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SR 05:103
City of Pleasanton
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SR 05:103
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4/13/2005 3:35:05 PM
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4/13/2005 3:28:40 PM
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CITY CLERK
CITY CLERK - TYPE
STAFF REPORTS
DOCUMENT DATE
4/19/2005
DESTRUCT DATE
15 Y
DOCUMENT NO
SR 05:103
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GEOGRAPHIC DISTRIBUTION <br /> <br />Except where a specific location is indicated, all of the programs listed above will be available <br />throughout the City of Pleasanton. <br /> <br />Priority: Assist low and moderate income first time homebuyers. <br /> <br />Priority Analysis and Obstacles to Meeting Underserved Needs <br /> <br />The Alameda County HOME Consortium Housing Needs Analysis documented that a sizable <br />proportion of low income households (80% of AMI) spend over 30% of their incomes on <br />housing costs. Data for Pleasanton echo this statistic, as shown in the preceding Table 2, where <br />it can be seen that 20% of all owner households pay over 30% of their income toward housing, <br />while nearly 9% more pay over 50% of their income. This observation is partly due to the long- <br />term trend of Bay Area household incomes not keeping pace with increasing rental and <br />ownership costs. The gap between median incomes and median home prices is sizable. <br /> <br />In 2004, according to HUD, the median household income (for a family of four) for Alameda <br />County is $82,200, while the median home price was $495,000 (California Association of <br />Realtors). The Housing Needs Analysis showed that a household needs an income of at least <br />$110,000 to afford the median priced home, in the absence of special lending or government <br />programs. The median household could afford to purchase a house for about $365,000 without <br />any outside subsidy assistance. Only 14% of Alameda County residents can now afford to buy a <br />home without assistance. <br /> <br />Sales prices for homes in Pleasanton are higher than the county average. Recent data on house <br />sales compiled by Bay East Association of Realtors® indicate that the median sales price for <br />single-family homes in Pleasanton is approximately $759,000 in 2005, while the median price for <br />condominiums is $437,500. Sales prices for new homes in the area generally start in the <br />$800,000's, although custom homes and larger production homes on large lots are significantly <br />more expensive. Trends in average and median house sales prices for the past several years are <br />shown in Table 5: <br /> <br /> DRAFT - Strategic Plan - FY2005 - FY2009 <br /> City of Pleasanton <br /> Page 12 <br /> <br /> <br />
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