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Home prices remain out of reach for most SD residents

Home prices in San Diego continue to be out of reach for most residents. KPBS reporter Ed Joyce has more.

The California Association of Realtors home affordability index shows what many
residents know first-hand: Most can't buy a home in San Diego.

Only nine percent of households in the county could afford a median-priced home in December 2005. That compares to 14-percent statewide and 49-percent for the rest of the country.

The group's deputy economist, Robert Kleinhenz says the San Diego median home price is $604,000.

Kleinhenz: The median price for the state in December of 2005 was $548,500 and the median price for all of the nation was $210,000, so you've got a median here in California that's about two-and-one-half times that as the nation as a whole

Kleinhenz says it takes an annual income of $148,000 to buy the median-priced San Diego home. Ed Joyce, KPBS News.

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