RCAC Issues Top 10 List of Workers Who Can't Afford a Home in California; Surprising Results Spotlight the Lack of Affordable Homes in the Golden State.

WEST SACRAMENTO, Calif. -- Rural Community Assistance Corporation (RCAC) -- a nonprofit organization designated as a Community Development Financial Institution (CDFI) -- recently released its top 10 list of Workers in California Who Can't Afford a Home. The list, based on numbers provided by the Bureau of Labor Statistics, combats obsolete stereotypes that undermine new, affordable-home developments and finds an unexpected addition to the ranks of those already priced out of homeownership: Working Californians.

Affordable homes in California are becoming increasingly difficult to find. The housing boom of 2005 drastically improved the net worth of many homeowners. However, it also pushed a record number of working Californians into the already huge group that can't afford to buy a home. According to the California Association of Realtors (CAR), the median home in California costs $562,380 (as of April 2006). In order to qualify to purchase this average home, a California worker must earn an annual income of $127,950.

"RCAC has worked to help build and finance affordable housing for more than 25 years, so it was no surprise to us that many Americans are unable to purchase their piece of the American Dream," said William French, RCAC's chief executive officer. "What was startling, however, was the increased number of hard-working Californians -- with what are considered good paying jobs -- who cannot currently qualify to own a home in this state."

Julie Spezia, executive director of Housing California concurred.

"To put this in perspective," said Spezia, "when most Californians try to purchase a home, they're faced with the equivalent of going grocery shopping and only finding champagne and caviar, or going to a car dealership and only finding BMWs and Mercedes. There simply isn't enough variety in California in terms of prices and types of homes. As consumers, we demand variety and choice everywhere else and it's time we fight for variety and choice when it comes to one of our most basic needs -- having a safe, stable home."

The top 10 workers in California that cannot qualify to purchase a home in the state include:

10) Fast-Food Workers -- Yes, it's possible for fast-food workers to own a home in California if parents who work in the fast-food industry have seven children who also work in fast-food industry. Only then would the combined family income qualify them to purchase a home in California. In fact, a fast-food worker living alone cannot meet the state's average apartment rental costs, which, for a two-bedroom apartment is more than $1,000/month requiring a wage of nearly $20 an hour (much higher wage rates than those earned in the fast-food industry). Mean annual wage for a fast-food worker in California? $14,350

9) Cashiers -- Of course, few would expect that an average cashier could afford to own their own piece of the American dream, but few may realize that it would take a group of six cashiers pooling their resources to afford one, single-family California home. Mean annual wage for a cashier in California? $20,540

8) Building Maintenance Workers -- They are no longer known as "janitors," but that doesn't help the average maintenance worker when it comes to home-buying. In fact, like cashiers and many other service workers, because so few benefits are generally included with their jobs, home-buying power is even lower than their hard-earned salaries might indicate. Mean annual wage for a maintenance worker in the Golden State? $24,090

7) Administrative Assistants -- They work in impressive offices, provide invaluable services to their higher-earning (often home-owning) bosses, but are priced out of the home-buying market by a gap of tens of thousands of dollars in annual income. Mean annual wage for an administrative assistant in California? $32,630

6) Truck Drivers -- You've seen the bumper stickers on the back of big rigs, "Truck Drivers Keep America Moving." And apparently, California keeps truck drivers moving...from house to house as they continually rent because they are financially unable to buy a home. Mean annual wage for a truck driver in California? $37,490

5) Construction Workers -- There is a rumor going 'round that construction workers are well-paid for their incredibly hard work. And, when compared to fast-food workers -- or any of those employed in occupations numbered 10 through six on this list -- they are. However, construction workers are still in desperate need of affordable homes. Mean annual wage for a construction worker in California? $43,620

4) Nurses -- The nursing shortage is currently hitting California hard, but the dilemma remains, how to recruit nurses to the state when their annual salaries won't allow them to purchase even an average priced home? Mean annual wage for a nurse in California? $56,140

3) Firefighters -- They're heroes, everyone acknowledges that. Public servants who go above and beyond the call of duty as part of their job description, firefighters too need affordable homes. Mean annual wage for a firefighter in California? $56,210

2) Teachers -- College-educated and responsible for the futures of California's children, teachers remain in dire need of affordable homes. The good news? Two teachers married to each other can afford to purchase a home in California -- if one takes an additional part-time job. Mean annual wage (which is much higher than the average starting wage) for a teacher in California? $58,420 (This number is for secondary school teachers. Elementary school teachers make less, approximately $56,430)

1) Police Officers -- They put their lives on the line every day they put on their badge. They serve and protect, and many do own homes in California; however, in many cases, homeownership is made possible because a spouse also works or they put in many, many hours of overtime. Police officers too need affordable homes. Mean annual wage for a police officer in California? $64,064

Much work is needed to solve the affordable-home crisis in California, and RCAC is helping through its loan fund, which finances many affordable-home projects including self-help homes, farm worker homes, affordable apartment complexes, senior citizen residences and other innovative developments.

About RCAC -- RCAC is headquartered in West Sacramento, California, and serves 13 Western states. RCAC is a nonprofit agency providing technical assistance and training to rural communities seeking to develop a wide range of local services including community facilities, affordable housing and water treatment facilities. RCAC regularly makes loans to nonprofit affordable home building organizations as well as small communities in need of affordable housing. For more information on RCAC's Loan Fund products visit the organization's website at www.rcac.org.

About Housing California -- Housing California is the leading advocate in the state Capitol on housing and budget policy for homeless and very low-income people. With a statewide coalition of more than 1,000 nonprofit developers, homeless service organizations, and regional and local housing advocates, we helped pass Proposition 46 -- California's $2.1 billion housing bond -- and are now focused on securing the passage of Proposition 1C, the Housing and Emergency Shelter Trust Fund Act of 2006, in November. For more information, visit www.housingca.org and www.homes4ca.org.