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HOUSING NEEDS <br />Housing Affordability <br />The Santa Ana housing market has plateaued since the 2007 -2008 decline. Of <br />the seven largest Orange County cities, Santa Ana has consistently had the lowest <br />median home price during the early 2000s. Single - family home prices in Santa <br />Ana are mostly affordable to moderate and above moderate income households. <br />Shown in Chart A -17, in 2012 the average price for a single - family detached <br />home is affordable to households earning $100,450 or more annually. However, <br />newer single - family homes or those within certain neighborhoods of Santa Ana <br />(e.g., north Santa Ana) will cost substantially more and require an even higher <br />income. <br />Condominiums provide low income households, moderate income households, <br />seniors, and first -time homebuyers with a more affordable and lower maintenance <br />opportunity than single - family detached homes. In 2012 condominiums were <br />affordable to households earning about $48,900. The price range of affordability <br />depends on the size of the down payment and the cost burden assumed. New <br />condominiums are typically priced at levels affordable only to moderate and above <br />moderate income households. <br />Despite increased affordability, homeownership is beyond many households. The <br />average annual income in the Santa Ana /Anaheim/Irvine metropolitan area is <br />$28,820 for a manufacturing assembler, $27,900 for a retail salesperson, $31,650 <br />for an office clerk, $68,620 for an elementary school teacher, $70,010 for a <br />firefighter, and $52,510 for a postal service clerk. Even with two wage earners in <br />one household, the annual income needed to purchase a condominium may be <br />beyond the income earned by many Santa Ana residents. <br />Income <br />$61.650 <br />$60,000 <br />Q <br />CD $82,700 <br />ca — $48.900 <br />CD <br />E <br />x <br />$100,450 <br />Median <br />2007 <br />Apartment Rent $1,541 <br />Median Chart A -17: Income Needed <br />2012 to Afford Housing in Santa <br />$1,507 Ana <br />Condo Sales Price $320.000 $150,900 <br />Horne Sales Price $610,000 $350,000 <br />$1 67,400 2007 <br />2012 <br />$o $100,000 $200,000 $300,000 <br />Purchase Price <br />CITY OF SANTA ANA GENERAL PLAN HOUSING ELEMENT <br />Source: DataQuick, 2013; RealFacts, <br />2013; and Trulia, 2013. <br />AA& <br />A -17 <br />