Tuesday, December 18, 2007

No Wonder There is a Problem-O

According to the US Dept of Commerce, Bureau of Economic Analysis, the average annual income by each California county.

Released April 26, 2007

Average Annual Salary
06085 Santa Clara $71,774
06075 San Francisco 66,398
06081 San Mateo 65,525
06001 Alameda 52,783
06041 Marin 51,595
06013 Contra Costa 51,416
06059 Orange 46,872
06037 Los Angeles 46,228
06067 Sacramento 44,603
06111 Ventura 44,557
06073 San Diego 43,419
06055 Napa 40,102
06061 Placer 39,956
06097 Sonoma 39,870
06113 Yolo 39,725
06083 Santa Barbara 39,061
06095 Solano 38,849
06087 Santa Cruz 37,983
06053 Monterey 37,246
06115 Yuba 37,130
06071 San Bernardino 35,918
06077 San Joaquin 35,458
06017 El Dorado 35,225
06029 Kern 35,154
06069 San Benito 34,793
06065 Riverside 34,697
06099 Stanislaus 34,560
06051 Mono 34,288
06079 San Luis Obispo 33,660
06057 Nevada 33,542
06035 Lassen 33,470
06031 Kings 33,214
06019 Fresno 32,822
06005 Amador 32,801
06089 Shasta 32,189
06063 Plumas 32,131
06109 Tuolumne 31,902
06047 Merced 30,787
06101 Sutter 30,688
06025 Imperial 30,599
06039 Madera 30,168
06103 Tehama 30,069
06007 Butte 29,989
06011 Colusa 29,642
06033 Lake 29,633
06027 Inyo 29,623
06023 Humboldt 29,562
06015 Del Norte 29,402
06107 Tulare 29,101
06045 Mendocino 28,993
06009 Calaveras 28,929
06091 Sierra 28,847
06021 Glenn 28,784
06043 Mariposa 28,242
06093 Siskiyou 27,772
06105 Trinity 27,599
06049 Modoc 26,726
06003 Alpine 26,392

This is per person, not family, but still...not enough to support a family and make a mortgage payment, car payments, insurance, gas, utilities, clothes, shoes, and school supplies for the kids, food, save for retirement and college, entertainment, and let us not forget TAXES. That is why I think California housing prices will come down considerably more. Am I wrong??? Now that people actually have to qualify for a loan with a verifiable income, I don't think as many McMansions will be flying off the shelf.

2 comments:

DCRogers said...

I've read that the "average income" isn't as useful as the 75th percentile income, as most new home sales are to people making above the average.

That said, your point is completely correct... housing prices are WAY out of whack in California. Other than my personal stake (gulp) I cheer when I think of the long-term benefit of prices and income re-aligning through lower prices. (What, you expected higher wages? Ha ha!)

DCRogers

PS: Keep Howard's opinions on real estate coming... he's GOOD!

Anonymous said...

OMG, I didn't realize Kern county's annual income was so low. Bakersfield's house prices are really going to have to come down severely!