109 replies to this topic

[YabYum]

the guildelines for housing to qualify as "affordable housing" are based on that particular communities average household incomes. anyone that makes 80% or less of the median household income for Folsom would qualify for low-income/"affordable" housing. in Folsom, this sets the bar pretty damn high. Too high , still, for many. In 2003, the median household income for Folsom was $73,000 (approx.). I have a feeling that in the past two years, since those figures were provided, that the median-income has raised considerably.

[YabYum]

here's an excellent story on the crisis (yes, it is a crisis)

http://www.sacbee.co...p-7899497c.html

[Cloud9]

In 2003, the median household income for Folsom was $73,000 (approx.). I have a feeling that in the past two years, since those figures were provided, that the median-income has raised considerably.

What makes you think that? Many indicators point to the opposite. Granted, these are just snipets and only news items from this past week, but the only strong sector around here seems to be real estate.

"Top 30 MBA programs have dropped almost 30% overall since 1998, with some schools seeing declines of 50% or more". Why? 1. Higher costs of education, and 2. Post-MBA salaries stagnated at an average of $84k. (Average pre-MBA salary is $67k). - Source: BusinessWeek April 18, 2005.

- Airlines unable to reach agreement with pilot's union. Key issue: Pilots afraid their jobs will be outsourced.
- Airline pilot (Captain) used to make $180k, now making under $100k.
- United gets OK to drop pension funds.
Source: USA Today, May 11, 2005.

Cover of Fortune - "50 and Fired" Source: Fortune, May 16, 2005. Typical story of corporate employers laying off older workers and replacing them with less expensive younger workers.

There are some 55k people in Folsom. I'll assume that means about 10-20k in the labor force - the rest being kids. How many does Intel employ? 7-8k? Granted, not all live in Folsom, so I'll take a stab and say some 4-5k do. Lets say they represent 20-25% of the Folsom working resident population. I guess it's possible that everyone is getting a raise... Unlikely though.

I guess you can make the assumption that people buying into the newer homes have much higher income than current resident population driving it up further.

Doctors moving in? Lawyers? Business Owners? Realtors, VCs, Financiers?Technical or other professionals?

I'd be interested in knowing - or perhaps what you consider, "considerably" is different than the numbers I have in mind.

[sobeadit]

Regarding what someone said "It's quite sad but I don't think people are selling just because of the possible rezoning of affordable housing. If they do sell in this housing market, good luck buying another house for the same price in California."

Just go north of downtown Sac 20-30 minutes, right up hwy 70! You can get a brand new house in a brand new area for less than your Folsom home will sell for. Check out Plumas Lake and East Linda. East Linda, you can get a Morrison home, the same exact floorplans that are selling in El Dorado Hills for $550,000, you can get for $350,000.

Plumas Lake is a master planned community starting from scratch. the commercial zones with Home Depot and the STarbucks are already planned. It's like a new Natomas. We are buying in to beautiful homes on a third of an acre, 1200 more sq ft than i have now in Folsom, for about 10-20thousand more than this place will sell for. True, you can't just hop to the store and to Costco down the street....you have to go into Marysville, Yuba City, or, for Costco and big mall shopping, Roseville.....but in a few years it will get built up. And it's easily commutable to down town Sac!

So you can still buy in California......just gotta be willing to live in the fields until it builds up!

Stephanie

[ratlab]

So you can still buy in California......just gotta be willing to live in the fields until it builds up!

And you could go towards the hills of Amador County. Semi-custom spec homes (yeah, kind of an oxymoron, but go with it) that are 2000 sq ft., 1/4 acre lot for $310K-330K.