San Diego Business Journal

San Diego 2nd-Least Affordable City for Homebuyers

By John Cox Tuesday, February 21, 2017
   

San Diego was the second-least-affordable large metropolitan area in the country during the fourth quarter of 2016, according to a new salary analysis by online mortgage resource HSH.com.

In San Diego, a homebuyer needed a salary of at least $113,530.43 to be able to buy a home priced at the local median, defined as the price at which half the homes in the market sold for more and half went for less.

Only San Francisco was less affordable, requiring a salary of $160,589.84 to afford a median-priced home, the study concluded. Los Angeles ranked third-least-affordable, requiring a salary of $98,315.22 to buy such a home.

The most affordable metro areas were Pittsburgh ($32,373.50), Cleveland ($33,779.45) and Cincinnati ($36,520.35).

During the fourth quarter, San Diego’s median home price increased almost two-thirds of 1 percent to reach $593,000, HSH reported. It said buying such a home would require a monthly mortgage payment of $2,649.04.

In Pittsburgh, the necessary payment would have been $755.38.