Home prices remain out of reach for most SD residents
Thursday, February 9, 2006
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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