San Diego Homebuyers Need $274,000 Income for Median House
California Association of Realtors data shows 19% of state households can afford a median-priced existing single-family home.
By Grace Anderson ·
Households in San Diego County would need an annual income of $274,000 to buy a median-priced, existing single-family home in the third quarter, according to the California Association of Realtors. The county's median home price stood at $1.07 million, which carries a monthly payment of $6,850 covering mortgage principal, interest, taxes and insurance.
Across California, 19% of households could afford a median-priced, existing single-family home. That share held steady from the second quarter and matched the figure from the third quarter of 2020. Lower home prices offset higher mortgage rates, keeping monthly housing costs flat from the prior quarter.
The association said elevated home prices and mortgage rates continue to challenge prospective buyers. Persistent inflation could limit declines in mortgage rates over the next couple of months, which would continue to constrain purchasing power.
The income needed to purchase a typical California home has topped $200,000 in 15 of the past 16 quarters. California's monthly housing payment also remains more than twice the national average of $2,760. Further data is available at www.car.org.
