Census points to over extended mortgages
in Bay Area housing market

By Lara Moscrip, Bay City News Service

October 3, 2006

A new survey released today by the U.S. Census Bureau gives an overview of what Bay Area residents are paying to maintain their mortgages or pay their rents.

The American Community Survey released data for 2005 that show housing costs take up a relatively large chunk of household incomes, for both homeowners and renters.

In San Francisco County, the median value for an owner-occupied home was reported as $726,700 in 2005, according to the survey. To meet the median monthly mortgage cost of $2,558, nearly 51 percent of homeowners spend 30 percent or more of their income on mortgage payments.

For San Francisco renters, 43 percent spend 30 percent or more of their household income to pay the median monthly rent of $1,118.

In the city of San Jose, the median value of owner-occupied homes was reported as $625,400, according to the 2005 survey data. To meet the median monthly mortgage payment of $2,409, nearly 48 percent of homeowners spend 30 percent or more of their household income on mortgage payments.

For San Jose renters, around 49 percent spend at least 30 percent or more of household income to pay the median monthly rent of $1,153, according to the survey.

In Contra Costa County, the median value for owner-occupied homes in 2005 was $590,200, according to the survey. Nearly 49 percent of homeowners spend 30 percent or more of their household income on the median mortgage payment of $2,314.

For Contra Costa County renters, the median rent in 2005 was $1,121. Nearly 52 percent of renters spend 30 percent or more of their income on housing costs.

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