The Least Affordable Place To Buy A House

"According to a recent survey by the NationalAssociation of Home Builders (http://www.nahb.com), SantaCruz has become the nation's least affordable place to live,topping No. 2 San Francisco. The association arrived at itsconclusion by comparing Santa Cruz's median family income of$65,000 to the median home price of $420,000. Based on thecalculations, less than 7 percent of the area's residentscans afford to buy a home. And unlike San Francisco, thehousing prices have not dropped since the dot-com economybegan to sour. The City Council recently OK'd a 100-unitbuilding that would set aside 40 percent of the apartmentsfor low- and very low-income residents."