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4 '11 y t l:_L y ' . ` c A c . ; ` y ` •.; A i L m ,..,,,,,,;_, . __ ...., N ... • I illti , ' I 1 1 L,:.. ._ i t ......_.,.......................,. ....:.• t *' 11E t � f.,•• ' i�l - ,� r t I , � . ?em I Between 1998 and 2006, housing costs in San incomes on housing. The incidence of overpayment Leandro increased at a much faster rate than is highest for lower income renters. As of 2006, an household income. The median price of a San estimated 85 percent paid more than 30 percent of Leandro home rose from $184.500 to $575,000. their incomes on housing. With median advertised Prices began declining in late 2006 and continued to rents over $1,200, lower income households may tumble in 200' and 2008, dropping to $319,000 by find it difficult to locate suitable housing in the city. January 2009. While the drop has made home ownership possible again for many who had been Although San Leandro has expenenced a net priced out of the market, it has also created decrease in jobs since 2005 and today faces an hardships for those who purchased homes during unemployment rate of over 10 percent, the city is the boom period. Since 2009, the City has seen projecting moderate job growth during the coming increased rates of foreclosure and a tighter lending years. Many new jobs, such as those in the retail and market. About one -third of the city's homeowners service sectors, will not provide the necessary are still paying more than 35 percent of their income to cover housing costs. Unless the City incomes on housing. works proactively to increase the supply of affordable housing, more San Leandro workers will Apartment rents have been less volatile since 2002, face long commutes or spend a growing share of and have increased at a slower rate than household their incomes on housing. Vacancy rates in the City income. Nonetheless, an estimated 47 percent of are already much lower than they were in 1990. the qty's renters pay more than 30 percent of their 0