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The Salary You Need For A Median Home

How much money do you need to earn to afford a median prices home in San Diego? It’s no secret that homes in San Diego are expensive, but how do they compare to the rest of the nation? A new study by HSH ranks 27 large metropolitan areas by least to most expensive, based on the salary you need to buy a median priced home with a 20 percent down payment. Pittsburgh was the cheapest, where $32,373 buys a median home for $136,700. Here are the five most expensive markets, according to HSH (yes, San Diego is one of them).

 

San Francisco

San Francisco remains the country’s most expensive housing market. A person would need to earn $145,361 to afford a median priced home of $744,400. That makes for a $3,391 monthly payment, with 20 percent down. Prices in San Francisco rose about 5.5 percent in the last year.

 

San Diego

In America’s Finest City, a person needs to earn $101,682 to qualify for a home at the median $517,800. At 4.28 percent interest, that’s a monthly payment of $2,372. Over the last year, prices were up about 7 percent. In San Diego County, the median household income is $63,373 according to the census.

 

Los Angeles

In Los Angeles, a person needs to earn $96,513 per year to buy a median home at $481,900. The monthly payment for that? $2,252. Prices are up 7.3 percent over the year.

Read More at utsandiego.com