4.8

1.5

3

3.7

7.8

5.2

2

4.5

4.1

3.8

3

2.9

3.2

6.2

6.2

3.1

0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0

Seattle

Detroit

Phoenix

Riverside-San Bernardino

San Francisco

Boston

Atlanta

Miami

Washington DC

Philadelphia

Houston

Dallas-Fort Worth

Chicago

Los Angeles

New York

National

Median Multiple

Housing Affordability: 15 Largest MSA’sMedian Multiple: 2012Q3

Median Multiple = Median Home Price ÷ Median Household Income

Data from Demographia International Housing Affordability Survey

32.6%31.1%

30.1%

24.3%22.8%

20.8%

14.7%

11.9% 11.3%

8.2% 7.6%6.6%

2.2% 1.4% 1.2%

0%

5%

10%

15%

20%

25%

30%

35%S

an F

ranc

isco

-O

akla

nd Atla

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Pho

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Riv

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San

Ber

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Los

Ang

eles

+

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Cou

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s

Mia

mi

San

Die

go

Was

hing

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.

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. Ave

rage

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For

t Wor

th

Hou

ston

Bos

ton

Phi

lade

lphi

a

Chi

cago

New

Yor

k

Incr

ease

201

2-20

13 (

Firs

t Qua

rter

) Change in Median House Prices: 2012-13

Major Metropolitan Areas & National Average

From National Association of Realtors

4.81.5

3.03.7

7.85.2

2.04.5

4.13.8

3.02.9

3.26.26.2

3.1

0 1 2 3 4 5 6 7 8

Seattle

Detroit

Phoenix

Riverside-San Bernardino

San Francisco

Boston

Atlanta

Miami

Washington D.C.

Philadelphia

Houston

Dallas-Fort Worth

Chicago

Los Angeles

New York

U.S. Average

Median Multiple

Housing Affordability: 15 Largest MSAsMedian Multiple, 2012Q3

Median Multiple = Median Home Sale Price ÷ Median Household IncomeFrom Demographia, International Housing Affordability Survey

6.4

3.5

5.5

3.1

9.2

5.55.5

2.9

8.6

4.9

0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

8.0

9.0

10.0

California Outside California

Med

ian

Val

ue M

ultip

le

AllNon-Hispanic WhiteAfrican-AmericanAsianHispanic

Housing Affordability by EthnicityMedian Value Multiple of Major Metropolitan Areas, 2011

Median Value Multiple = Median House Value ÷ Median Household Income

From Census Bureau, American Community Survey 2011

41%

39%

35%

35%

34%

27%

0% 5% 10% 15% 20% 25% 30% 35% 40% 45%

Miami

Los Angeles

New York

Orlando

San Diego

U.S. Average

Working Households with Severe Housing Burdens

Severe Housing Burden (50%+ of Income)Worst Ranking Major Metropolitan Areas, 2011

From National Housing Conference, Housing Landscape 2013

$1,308

$1,174

$1,153

$1,135

$1,062

$1,058

$871

$0 $200 $400 $600 $800 $1,000 $1,200 $1,400

Hawaii

California

Maryland

New Jerey

Virginia

New York

U.S. Average

Median Monthly Gross Rent

Median Gross Rent: Highest States

From Census Bureau, American Community Survey 2011

16.3%

19.0% 19.2%

15.3% 15.1% 15.0%

23.5% 23.2%

19.8% 19.5% 19.4%

15.8%

0%

5%

10%

15%

20%

25%

California District of Columbia

Arizona Florida Nevada U.S. Average

Official Poverty Rate

Poverty Rate with Housing Cost Adjustment

Poverty Rate by State & DC: 2009-2011Experimental Measure with Housing Cost Adjustment

From Census Bureau

$138,000

$116,200

$80,700

$41,000

$42,400

$67,600

$34,700

$122,700

$103,300

$71,700

$36,400

$37,700

$60,100

$30,600

$0 $20,000 $40,000 $60,000 $80,000 $100,000 $120,000 $140,000

San Jose

San Francisco

San Diego

Sacramento

Riverside-San Bernardino

Los Angeles & Orange Counties

U.S. Average

Minimum Qualifying Income

20% Down Payment

10% Down Payment

Qualifying Income: California & USMedian Priced Single-Family Home, 2013Q1

From National Association of Realtors

$100,305

$88,258

$79,414 $77,745

$56,908

$41,453

$28,280$24,042

$0

$20,000

$40,000

$60,000

$80,000

$100,000

$120,000B

iom

edic

al

Eng

inee

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se (

RN

)

Com

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er

Ele

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S

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Car

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Con

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Sal

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Per

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Hom

e C

are

Aid

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One Can Afford a Home if One CommutesOrange County Wages & Riv-S’Bdo Prices, 2013Q1

$42,420 – if one chooses to live in Riverside-San Bernardino

Orange County Wages

$117,471 – if one chooses to live in Orange County

“Qualifying income (with 10% down payment)” data from National Association of Realtors & actual wage data from California Emp loyment Development Dept.

$2

9.2

7

$2

6.6

2

$2

5.9

6

$2

2.4

2

$2

2.2

9

$2

1.6

5

$1

8.7

3

$1

7.5

4

$1

5.6

2

$1

4.3

3

$1

3.8

3

$0

$5

$10

$15

$20

$25

$30S

an F

ranc

isco

Ora

nge

Cou

nty

San

Jos

e

Bos

ton

Los

Ang

eles

C

ount

y

San

Die

go

Riv

ersi

de -

San

…

Sea

ttle

Aus

tin

Min

neap

olis

Dal

las

Hourly Wage Needed to Afford a 1-BR UnitFair Market Rent for a One-Bedroom Unit, 2012

Fair market rent data from U.S. Housing and Urban Development

7.5%

6.0%

4.3% 4.2%4.0%

1.8%

0%

1%

2%

3%

4%

5%

6%

7%

8%

Los Angeles San Jose San Francisco New YorkRiverside-San BernardinoU.S. Average

Sha

re o

f Hou

sing

Overcrowded Rental Housing: 1.5+/RoomSelect Metropolitan Areas & National Average

From Census Bureau, American Community Survey 2011

7.4%

6.1%

5.4%5.1% 4.9%

4.5% 4.4%4.1%

3.7%

0%

1%

2%

3%

4%

5%

6%

7%

8%

Riv

ersi

de -

San

B

erna

rdin

o

LA +

Ora

nge

Cou

ntie

s

San

Ant

onio

San

Jos

e

Sal

t Lak

e C

ity

Dal

las

-F

ort W

orth

Hou

ston

New

Yor

k

Ave

rage

of 5

1 La

rges

t MS

As

Sha

re o

f Hou

sing

% of Households with More Than One FamilyHighest Large Metro Areas & National Metro Average

From Census Bureau, American Community Survey 2007-2011

2.6%

2.7%

3.2%

3.3% 3.3%

2.4%

2.5%

2.6%

2.7%

2.8%

2.9%

3.0%

3.1%

3.2%

3.3%

3.4%

2007 2008 2009 2010 2011

% of Households with More Than One FamilyNational Average, 2007-2011

From Census Bureau, American Community Survey 2007-2011

281,677254,629

134,962103,902 96,390 91,754

77,330 75,792

0

50,000

100,000

150,000

200,000

250,000

300,000

350,000

New

Yor

k

LA +

Ora

nge

Cou

ntie

s

Chi

cago

Dal

las-

For

t W

orth

Riv

ersi

de -

San

Ber

nard

ino

Hou

ston

Mia

mi

Phi

lade

lphi

a

A Measurement of “Housing Shortage:”Number of Households with More Than One Family

From Census Bureau, American Community Survey 2011

1.5

7.1

0

1

2

3

4

5

6

7

8

United States California

Mill

ions

of U

nits

Affordable Housing Shortage: 2011For Extremely Low Income Households

U.S. data from National Low Income Housing Coalition (NLIHC); California estimate created based on NLIHC data

Issues Going Forward

• Current housing boom dominated by

investors

• Not enough new, affordable housing

stock of every kind

• Economic strategy should always

include housing