What is a Housing Bank and Why Do We Need One?
How Would a Housing Bank Be Funded?
Housing Facts for SJC
Housing Facts for San Juan County:
Increase in
cost of land per home for OPAL Community Land Trust
from 1990 to 2004 was 750%.
Source: OPAL Community Lane Trust
Household income
required to purchase a 3 bedroom home in SJC
for about $300,000 at 6% in 2005 was $72,000.
Source: Orcas Research Group
Median
home price in 2005 for SJC was $475,000 - up 33.8% from 2004
Source: Washington Center for Real Estate Research
Affordability
Index (100 = typical family can buy median home)
King County: 85.3%; SJC: 51.4%, lowest in Washington State
Source: Washington
Center for Real Estate Research
Federal, state
and local tax subsidies to homeowners projected for 2006:
$127 billion. Subsidy for non-owners: $0
Source: Seattle P-I A4 4/25/05
Aspen, Colorado, with median house prices over $1 million, an orthopedic surgeon making $175,000 a year cannot afford to purchase.
Assessed valuation
from 1998 to 2003 increased 13.61% annually in San Juan County.
Source: San Juan County Assessor
A home selling
for $275,000 in 2005 will be worth $437,000 in 2011 and would require
a minimum family income of $120,000 for ownership. This example assumes
2005's typical loan at 30-year, 20% down, and a 6% fixed mortgage rate.
Source: Orcas Research Group
Expected HUD family incomes for 2011 are about $80,000 to $90,000.