Ventura County Homes 7th Least Affordable

Ventura County is one of the least affordable housing markets in California even though it’s easier for the average family to own a home in the county today than it was three years ago.

On average, mortgage payments in the county amount to more than 42% of a family’s monthly income, according to TRW REDI Property Data.

The study is based on an average home mortgage of $175,375 in this year’s first half. That makes Ventura County homes the seventh least affordable in the state, reports TRW market analyst Nima Nattagh.

In 1991, when mortgages in the county averaged $178,106, monthly payments equaled almost 52% of the average family income, the study showed. “Since mortgages were a little larger and wages were lower then, housing was less affordable than it is now,” Nattagh said.

Even though mortgage interest rates have risen recently, they’re still lower than they were in 1991, he added.

San Francisco is the state’s least affordable housing market, with mortgage payments averaging 54% of families’ monthly income, Nattagh said.

In a separate report, TRW REDI projects an 11% increase in sales of all homes in the Oxnard-Ventura market in 1994 over 1993. Sales of new homes should rise more than 27%, according to the projection.