According to a study by The Cost Guys, the City of Oakley came in ranked as the 5th Most Affordable City in California.
The survey lists Oakley at 296 out of 300 cities on the list which they say the average person will spend around 30% of their income on housing–Oakley residents came in at 27.3%.
According to the Survey, the takeaways included:
- Southern California is more unaffordable than any other part of California
- The median Californian spends 31.6% of their income on housing
- The median income for residents that can afford housing is $110,356
- The median income for residents that spend more than 50% of their income on housing is $49,367
The top 10 least affordable homes in California include:
- Westmont (72.6%
- Hawthorne (59.8%)
- Huntington Park (58.3%)
- Maywood (57.1%)
- Glendale (55.9%)
- Bell (55.8%)
- Los Angeles (55.7%)
- San Luis Obispo (55.1%)
- Florence-Graham (54.9%)
- Bell Gardens (54.1%)
In Contra Costa County, this list shows where the cities rank in terms of most affordable with the % being the “affordability margin”.
- 5 – Oakley (27.3%)
- 31 – San Ramon (30%)
- 55 – Brentwood (31.5%)
- 112 – Antioch (34.5%)
- 115 – Pittsburg (34.6%)
- 131 – Concord (35.3%)
- 206 – Walnut Creek (40.3%)
According to the data, the median income for the top ten areas for most affordable is approximately $117,000 – which is nearly double the median income for California.
The study was released on June 14, 2019.
To find the least and most affordable cities in California we turned to the 2017 American Community Survey. We pulled data from the Housing survey as well as the Economic survey to get a fuller picture on home owner affordability in every CDP in California. We then filtered for only CDPs with greater than 25,000 people. To get the affordability margin we took the median monthly housing costs which include mortgage, insurance and tax costs and multiplied by 12. We then divided that amount by the median income for each CDP.
For the full study and list of 300 cities: https://thecostguys.com/data-blog/the-most-expensive-places-to-own-a-home-in-california