Due to booming home prices, San Diego’s affordability rate is half of where it was just five years ago.
The Los Angeles Times reports that only 26 percent of households in San Diego can afford a median-price home without becoming cost-burdened, down from 46 percent in 2012.
Without paying more than 30 percent of income toward housing costs, a San Diego resident would need to make $121,000 a year to afford a typical single-family home, which has a median price of $605,000 and has monthly mortgage payments of around $3,000.
California is a tough state for most buyers, as only 29 percent of households can afford a median-price home. San Bernardino has one of the best affordability rates in the state, at 51 percent, while San Francisco has one of the worst, at 12 percent.
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