You have to be really rich to live in San Diego. But the rest of the country, you just have to get past the Biden inflation.
“San Diego is among seven major metro markets where a household’s income must exceed $200,000 to comfortably afford a typical home, according to new research.”
Then you have this: “Where are the areas where households with moderate incomes might be able to afford a home? Pittsburgh ($58,232 income needed to afford a home), Zillow found, followed by Memphis ($69,976), Cleveland ($70,810), New Orleans ($74,048) and Birmingham, Ala. ($74,338).”
Now you know why California is losing population. But Biden is now helping us—he is dropping thousands of illegal aliens on the streets of San Diego. Wonder who will pay for their housing, food, health care and more? LOL Suckers.
Households Must Make $200K a Year to Afford Typical San Diego Home
By Times of San Diego, 3/9/24 https://timesofsandiego.com/business/2024/03/08/households-must-make-200k-a-year-to-afford-typical-san-diego-home/
San Diego is among seven major metro markets where a household’s income must exceed $200,000 to comfortably afford a typical home, according to new research.
The top four are in California, Zillow found: San Jose ($454,296), San Francisco ($339,864), Los Angeles ($279,250) and San Diego ($273,613).
Seattle ($213,984), the New York City metro area ($213,615) and Boston ($205,253) complete the list.
Nationally, the average household income must be more than $106,000 to comfortably afford a home, the Zillow analysis found, 80% more than in January 2020, showing how the math has changed for hopeful buyers.
This is how much the market has been transformed in four years, according to Zillow’s findings. In 2020, a household earning $59,000 annually could comfortably afford the monthly mortgage on a typical U.S. home, spending no more than 30% of its income with a 10% down payment.
That was below the U.S. median income of about $66,000, meaning more than half of American households had the means to afford homeownership.
Now, the roughly $106,500 needed to comfortably afford a typical home is well above a typical U.S. household annual earnings, estimated at about $81,000.
“Buyers are getting creative to make a purchase pencil out, and long-distance movers are targeting less expensive and less competitive metros,” said Orphe Divounguy, a senior economist at Zillow. “Mortgage rates easing down has helped some, but the key to improving affordability long term is to build more homes.”
With the cost of a mortgage rising, most millennial and Gen Z buyers call “house hacking” — the ability to rent out all or part of a home for extra cash — is very or extremely important. Co-buying with a friend or relative is another way to help with affordability, something 21% of last year’s buyers reported doing.
Where are the areas where households with moderate incomes might be able to afford a home? Pittsburgh ($58,232 income needed to afford a home), Zillow found, followed by Memphis ($69,976), Cleveland ($70,810), New Orleans ($74,048) and Birmingham, Ala. ($74,338).
