San Diego County Housing Affordability Down To 25%
A surge in demand for housing in San Diego County and statewide during the second quarter of this year drove down affordability for prospective buyers, the California Association of Realtors reported Tuesday.
According to the CAR, 25 percent of households could afford to purchase a single-family home in San Diego County at the median price of nearly $548,000. That's down from 28 percent in the first quarter of this year and 26 percent in the second quarter last year, according to the association.
To afford a house in San Diego County, a household would require a minimum annual income of $108,390 to make monthly payments of $2,700 — including principal, interest, and taxes on a 30-year fixed-rate mortgage at 3.95 percent interest rate.
Statewide, 30 percent of Californians could afford a median-priced house, according to CAR's Traditional Housing Affordability Index.
Just 10 percent of households could afford to purchase a median-priced house in San Francisco, according to CAR data. The most affordable region was Kings County, where 62 percent could afford such a residence.
Nationwide, 57 percent of households could afford to buy a median-priced house, according to CAR.