Davis is in Yolo County, which had a 2017 area median income of $76,900 for a four-person household. Using the 30% of-income affordability standard, a median-income family of four living in an average market-rate apartment in Davis is paying $5,592 per year more than they can afford.
There is, however, one place in Davis where a median-income family of four is paying much less: Dos Pinos Housing Cooperative, the only limited-equity housing co-op in Davis. A limited-equity co-op (LEHC) is designed to preserve affordability for low- and moderate-income households. Members purchase shares in the co-op that entitle them to live in one of the units and have a vote in the governance and management of the building. Units have restricted resale values and many have income limits for potential members, who pay monthly fees, or carrying charges, to cover their share of the co-op’s expenses.
The monthly carrying charges to live in one of the 26 three-bedroom apartments in the Dos Pinos Housing co-op, as of December 2017, were $1,165. That’s a saving of $14,676 per year over the average market rent. A household in one of the 28 two-bedroom apartments had annual savings of $9,036, while a household in one of the six one-bedroom apartments had annual savings of $7,452.
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