Interest rates may be historically low and the cost of houses may be dropping, but if you are single don’t expect to be buying a home in Santa Cruz any time soon. According to the 2010 Paycheck to Paycheck study, which was released on Tuesday by the Center for Housing Policy, it takes $128,656 in income to qualify to buy a median priced home for $431,000. That’s because Santa Cruz is one of the five most expensive places to buy a home anywhere in the U.S.
This puts homeownership out of the range of most professionals, including physical therapists (average salary: $79,367), registered nurses ($69,717), high school teachers ($58,817), or accountants ($56,379). Nor is renting any easier. Santa Cruz is also the third-most expensive rental market in the U.S., behind San Francisco and Honolulu—the average price for a two-bedroom apartment is $1,656 per month, up $66 from last year.
Home ownership has long been an integral part of the American Dream. It was certainly central to President George W. Bush’s talk of an “ownership society,” and it is a message repeated by President Obama as he struggles to help Americans get through the foreclosure crisis. But in many cases, such as Santa Cruz, home ownership is more an illusion of empowerment than the fulfillment of some intangible dream. Let’s not forget that the American dream, dating from the 1950s, also included a stay-at-home mom vacuuming the carpets in pearls and an apron, taking time off to cook a roast for her “man” every night for dinner.
Based on the figures for Santa Cruz, that dream is out of reach for just about everyone today. Read more at the Santa Cruz Sentinel.
