A new report by Consumer Affairs reveals homeownership on California’s Central Coast is becoming increasingly out of reach for many residents. The study ranks both Santa Maria and San Luis Obispo among the top 10 least affordable cities in the U.S. for buying a home.
According to the report, buyers need to earn $324,300 a year to comfortably afford a typical home in Santa Maria, the fourth highest income requirement in the country. In San Luis Obispo, buyers need to make $293,793 annually, placing the city seventh on the list.
Those figures stand in stark contrast to local income levels. Census data shows the median household income is roughly $88,000 in Santa Barbara County and $91,000 in San Luis Obispo County…