Housing Affordability in San Diego CA

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Housing Affordability

The percentage of households able to afford a median- priced home in the San Diego area stood at 9 percent in December, compared to 14 percent statewide.

The San Diego region's housing affordability index went up one percentage point from November, but was down two points from November 2004, the California Association of Realtors said Thursday.

The median price of a home in the San Diego area was $603,680 in December, down from $616,840 in November, but up from $577,040 in the year-ago period.

In neighboring Orange County, 10 percent of households could afford a median-priced home, compared to 11 percent last month and 13 percent during the same month last year.

The median home in that county fetched $702,290 in December, compared to $695,500 in November and $627,000 a year ago.

The statewide HAI of 14 percent was down from 19 percent for the same period a year ago, according to CAR's report.

California's median home price was down slightly to $548,430 in December, compared to $548,680 last month, but up from $474,270 a year ago.

The HAI for all of the United States stood at 49 percent, up a point from November and six points from the same period a year ago.

The Los Angeles-based association calls its monthly housing affordability index the most fundamental measure of housing well-being in the state.

The minimum household income needed to purchase a median-priced home at $548,430 in California in December was $134,200, based on an average effective mortgage interest rate of 6.33 percent and assuming a 20 percent downpayment.