Improve Housing Affordability in San Diego California

The latest report from the California Association of Realtors indicated that housing affordability in San Diego County increased slightly compared to the previous quarter. The report states that in the third quarter of 2024, 12 percent of households could afford the median-priced home of $1.01 million, which translates to an increase from 11 percent in the third quarter of 2023 and the second quarter of 2024. 

The California Association of Realtors expresses in this report that housing affordability has experienced a slight rebound compared to the last quarter of this year, which is encouraging news for those looking to buy a home not only in the city of San Diego but also in other parts of the county.

Specifically, the report shows that in the third quarter of this year, 12% of households in the county could afford the median-priced home, valued at $1.01 million. This marks an improvement from the affordability rate of 11% observed in both the third quarter of the previous year and the second quarter of the current year 2024. 

The report continues with other important indicators, including how to manage monthly payments, stating that today $6,340 per month is needed, which includes principal, interest, and taxes on a 30-year fixed-rate mortgage at an interest rate of 6.63%. A minimum annual income of $253,600 is required.

Speaking at the state level, in California, 16% of households could afford the median-priced home of $880,250 in the third quarter of 2024, an increase from 14% in the second quarter of 2024 and 15% in the third quarter of 2023. 

To cover the monthly payments of $5,520, including principal, interest, and taxes on a 30-year fixed-rate mortgage at an interest rate of 6.63%, a minimum annual income of $220,800 was required, the report indicated. 

Continuing with state figures, 25% of buyers were able to purchase a median-priced condominium or townhouse of $670,000. The association noted that an annual income of $168,000 was needed to make a monthly payment of $4,200.

Available Foreclosures: 

San Diego County: 150 homes available 

Statewide in California: 1.200 homes available

By Elías DaSilva | 27 de Noviembre de 2024