Just over one-quarter of San Diego-area households could afford a median-priced home in the region during the first three months of this year, the California Association of Realtors reported Monday.
The CAR study found that 28 percent of households could come up with enough funds for the $564,000 median price of a single-family home in San Diego County, compared to 29 percent in the same period last year.
The minimum-qualifying household annual income to purchase a median-priced San Diego-area home was $115,900, according to the CAR. The monthly payment, including taxes and insurance, was $2,900.
Statewide, 32 percent of households could afford California’s median price of a house — $496,620 — during the first quarter of 2017. That required a yearly income of $102,050, and monthly payments of $2,550.
A little over four years ago, 56 percent of California households could afford to purchase a single-family home.
Forty percent of home buyers were able to purchase the $414,940 median- priced condo or townhome in the first quarter of this year. An annual income of $85,270 was required to make a monthly payment of $2,130.
Nationwide, 57 percent of households could afford a median-priced home of $232,000 in the quarter, requiring an annual income of $47,690, and monthly payments of $1,190.
–City News Service