Community Corner
Issue: Do Renters Have a Prayer of Affording a Home in This County?
Monthly payment for a median-priced home in San Diego County would be $2,250, assuming a 20% down payment and 3.64%, 30-year fixed-rate loan.
Home prices are rising, so hooray for owners and sellers. But the share of people who can’t afford a house in San Diego County also is up, the California Association of Realtors reported Monday.
Just 32 percent of households could afford a median-priced, existing single-family home in the county during the second quarter of the year, down from 38 percent in the first quarter and 44 percent in the second quarter of 2012, the group said.
Buyers here needed an annual income of $90,150 to qualify for the purchase of a $469,040 single-family home in the second quarter. The monthly payment would be $2,250, assuming a 20 percent down payment and interest rate of 3.64 percent on a 30-year fixed loan.
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Are these numbers troubling for San Diego’s economy? Or should they be viewed as the price of economic recovery? Share your thoughts in the comments.
—City News Service contributed to this report.
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