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Housing affordability rate falls to 38 percent

Increasing housing prices are again putting a serious squeeze on affordability, the California Association of Realtors reports.

Just 44 percent of Californians could afford to purchase a median-priced single family home in the first quarter of 2013, according to the trade group. That’s down from 48 percent at the end of 2012 and 56 percent a year ago. The actual number, however, could be much lower, especially in San Diego.

In calculating figures, the Association assumes a median home price of $350,490 and that a buyer has a 20% down paymentof over $70,000, plus closing costs, available to spend up front. Using those calculations, a family with no other debt would need to make $66,800 per year to qualify for a 30 year fixed-rate loan on the balance at 3.55 percent interest.

Affordability in San Diego fell to 38 percent, though at no time in the last year have even half the county’s residents been able to afford a median-priced home, even given the generous assumptions.

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Increasing housing prices are again putting a serious squeeze on affordability, the California Association of Realtors reports.

Just 44 percent of Californians could afford to purchase a median-priced single family home in the first quarter of 2013, according to the trade group. That’s down from 48 percent at the end of 2012 and 56 percent a year ago. The actual number, however, could be much lower, especially in San Diego.

In calculating figures, the Association assumes a median home price of $350,490 and that a buyer has a 20% down paymentof over $70,000, plus closing costs, available to spend up front. Using those calculations, a family with no other debt would need to make $66,800 per year to qualify for a 30 year fixed-rate loan on the balance at 3.55 percent interest.

Affordability in San Diego fell to 38 percent, though at no time in the last year have even half the county’s residents been able to afford a median-priced home, even given the generous assumptions.

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Local housing affordability rate lags

San Diego, 26%; statewide, 31%
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Why more people leave than enter San Diego

An unaffordable place to live
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4S Ranch Allied Gardens Alpine Baja Balboa Park Bankers Hill Barrio Logan Bay Ho Bay Park Black Mountain Ranch Blossom Valley Bonita Bonsall Borrego Springs Boulevard Campo Cardiff-by-the-Sea Carlsbad Carmel Mountain Carmel Valley Chollas View Chula Vista City College City Heights Clairemont College Area Coronado CSU San Marcos Cuyamaca College Del Cerro Del Mar Descanso Downtown San Diego Eastlake East Village El Cajon Emerald Hills Encanto Encinitas Escondido Fallbrook Fletcher Hills Golden Hill Grant Hill Grantville Grossmont College Guatay Harbor Island Hillcrest Imperial Beach Imperial Valley Jacumba Jamacha-Lomita Jamul Julian Kearny Mesa Kensington La Jolla Lakeside La Mesa Lemon Grove Leucadia Liberty Station Lincoln Acres Lincoln Park Linda Vista Little Italy Logan Heights Mesa College Midway District MiraCosta College Miramar Miramar College Mira Mesa Mission Beach Mission Hills Mission Valley Mountain View Mount Hope Mount Laguna National City Nestor Normal Heights North Park Oak Park Ocean Beach Oceanside Old Town Otay Mesa Pacific Beach Pala Palomar College Palomar Mountain Paradise Hills Pauma Valley Pine Valley Point Loma Point Loma Nazarene Potrero Poway Rainbow Ramona Rancho Bernardo Rancho Penasquitos Rancho San Diego Rancho Santa Fe Rolando San Carlos San Marcos San Onofre Santa Ysabel Santee San Ysidro Scripps Ranch SDSU Serra Mesa Shelltown Shelter Island Sherman Heights Skyline Solana Beach Sorrento Valley Southcrest South Park Southwestern College Spring Valley Stockton Talmadge Temecula Tierrasanta Tijuana UCSD University City University Heights USD Valencia Park Valley Center Vista Warner Springs
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