San Diego’s Housing Market Among Least Affordable In U.S.
Thursday, October 18, 2012
Aired 10/18/12 on KPBS News.
A new report out this week finds San Diego's housing market is among the least affordable in the nation.
SAN DIEGO A new survey finds San Diego is a difficult place to buy a home because the price of real estate is so high.
The survey ranked the affordability of the nation's 25 largest cities. The least affordable are San Francisco, New York and San Diego. The poll looked at a number of factors including home values, income, taxes and homeowners' insurance costs. Those yardsticks all figured into the equation.
"Yes, your median income is higher than average, but not nearly high enough to be able to afford significantly higher property taxes and the big cost of the house itself," said Mike Sante of Interest.com.
San Diego home values are more expensive than New York right now, according to Sante, and local home values are moving up. The survey also found the the two most affordable cities in the nation are Detroit and Atlanta.